{"id":414620,"date":"2020-02-14T10:19:20","date_gmt":"2020-02-14T10:19:20","guid":{"rendered":"https:\/\/wncen.com\/?p=414620"},"modified":"2024-06-11T12:41:54","modified_gmt":"2024-06-11T12:41:54","slug":"simple-metric-bitcoin-price-verge-critcial-surge-higher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/simple-metric-bitcoin-price-verge-critcial-surge-higher\/","title":{"rendered":"This Bitcoin Metric Is Over 100% Higher in 2 Months, and It&#8217;s Critical for Bulls"},"content":{"rendered":"<p>Over the past 60 days, <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2020\/02\/12\/ethereum-explodes-15-higher-250-day-are-gains-imminent\/\">Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent?<\/a><\/h6>\n<h2>Bitcoin&#8217;s Booming Open Interest May Set Stage for Surge<\/h2>\n<p>Over the past few years, as institutional traders and more serious players have entered the Bitcoin market, the demand for future derivatives for the cryptocurrency has exploded.<\/p>\n<p>This was confirmed with a <a href=\"https:\/\/twitter.com\/TheBlock__\/status\/44878850\" rel=\"nofollow\">report from industry outlet The Block<\/a>.<\/p>\n<p>They reported that as of February 13th, the aggregated amount of open interest on Bitcoin futures contracts surpassed $5 billion, with traders on BitMEX, OKEx, Bakkt, CME, and other key platforms throwing billions of dollars at the asset.<\/p>\n<p>This is far above the approximately $4 billion in open interest seen in January of the $2.5 billion in December.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Aggregated open interest for Bitcoin futures has surpassed $5 billion on Feb. 13, according to data compiled by The Block. <a href=\"https:\/\/t.co\/qnHn2h5K91\" rel=\"nofollow\">https:\/\/t.co\/qnHn2h5K91<\/a> <a href=\"https:\/\/t.co\/bnCo7ywTl6\" rel=\"nofollow\">pic.twitter.com\/bnCo7ywTl6<\/a><\/p>\n<p>&mdash; The Block (@TheBlock__) <a href=\"https:\/\/twitter.com\/TheBlock__\/status\/44878850?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 14, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The massive eruption in the<a href=\"https:\/\/www.investopedia.com\/terms\/o\/openinterest.asp\" rel=\"nofollow\"> open interest<\/a> seen in Bitcoin futures contracts could have an extremely positive effect on the underlying market.<\/p>\n<p>The below chart \u2014 which shows what trends in an asset\u2019s volume, open interest, and price means for said asset\u2019s future trajectory \u2014 indicates that the most optimistic scenario for any market is if the asset\u2019s price, volume, and open interest for its futures market rise in tandem, suggesting \u201cstrength,\u201d \u201cbullish\u201d price action, and an overall trend of prices rising.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EOHeeL5XkAA6W9S.jpg?ssl=1\" alt=\"The Explosion In This One Metric Is Bullish for Bitcoin&#039;s Price 1\" loading=\"lazy\"><\/p>\n<p>As can be seen, the past few months have seen open interest in Bitcoin futures erupt higher. This, of course, comes on the back of an uptick in volume as investors re-enter the cryptocurrency markets and a decisive uptrend forming in the trading value of digital assets.<\/p>\n<p>The simultaneous growth of these three metrics would suggest Bitcoin is on the<a href=\"https:\/\/wncen.com\/2020\/01\/13\/these-three-trends-suggest-crypto-market-bullish\/\"> verge of an even greater bull run than what was already seen.<\/a><\/p>\n<h2><strong>Far From the Only Bullish Sign<\/strong><\/h2>\n<p>This is far from the only thing that has Bitcoin bulls enthused.<\/p>\n<p>Prominent trader Sawcruhteez recently noted that the three-day Ichimoku Cloud for Bitcoin is now \u201cfully\u00a0<span class=\"glossaryTerm\" data-title=\"Bullish\" data-content=\"A descriptive term borrowed from stock markets to describe a positive market outlook.\" data-url=\"\/glossary\/bullish\">bullish<\/span>,\u201d with prices breaking through the cloud resistance and with the future cloud twisting positive. The indicator signaled a buy at $10,268, suggesting more upside is imminent.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The 3D Ichimoku Cloud (traditional settings) is now fully bullish and it recently signaled a buy at $10,268. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/YrZgDY7wVI\" rel=\"nofollow\">pic.twitter.com\/YrZgDY7wVI<\/a><\/p>\n<p>&mdash; Tyler Coates (@Sawcruhteez) <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/84532480?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 12, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Sawcruhteez called Bitcoin&#8217;s reversal at the start of the year, saying he expected for the asset to trade in the mid-$9,000s by the middle of the month (he was proven correct).<\/p>\n<p>Also, Crypto Bull <a href=\"https:\/\/twitter.com\/CryptoBull\/status\/30834944\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">\u00a0noted<\/a>\u00a0that with BTC\u2019s latest price action, the price of the cryptocurrency has, for the first time ever, broken above a downtrend that has constrained prices since the $20,000 top seen in December 2017.<\/p>\n<p>The fact that Bitcoin is now past this key resistance, the analyst who pointed it out wrote, is a sign that \u201cshort liquidations are coming\u201d and a <a href=\"https:\/\/wncen.com\/2020\/02\/12\/bitcoin-vertical-price-passes-crucial-10000\/\">potential sign that the \u201cbiggest weekly green candle in Bitcoin\u2019s history\u201d is right on the horizon.<\/a><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past 60 days, Bitcoin has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months. Related Reading: Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent? Bitcoin&#8217;s Booming Open Interest May Set Stage for Surge Over the past few years, as institutional traders and more serious players have entered the Bitcoin market, the demand for future derivatives for the cryptocurrency has exploded. This was confirmed with a report from industry outlet The Block. They reported that as of February 13th, the aggregated amount of open interest on Bitcoin futures contracts surpassed $5 billion, with traders on BitMEX, OKEx, Bakkt, CME, and other key platforms throwing billions of dollars at the asset. This is far above the approximately $4 billion in open interest seen in January of the $2.5 billion in December. Aggregated open interest for Bitcoin futures has surpassed $5 billion on Feb. 13, according to data compiled by The Block. https:\/\/t.co\/qnHn2h5K91 pic.twitter.com\/bnCo7ywTl6 &mdash; The Block (@TheBlock__) February 14, 2020 The massive eruption in the open interest seen in Bitcoin futures contracts could have an extremely positive effect on the underlying market. The below chart \u2014 which shows what trends in an asset\u2019s volume, open interest, and price means for said asset\u2019s future trajectory \u2014 indicates that the most optimistic scenario for any market is if the asset\u2019s price, volume, and open interest for its futures market rise in tandem, suggesting \u201cstrength,\u201d \u201cbullish\u201d price action, and an overall trend of prices rising. As can be seen, the past few months have seen open interest in Bitcoin futures erupt higher. This, of course, comes on the back of an uptick in volume as investors re-enter the cryptocurrency markets and a decisive uptrend forming in the trading value of digital assets. The simultaneous growth of these three metrics would suggest Bitcoin is on the verge of an even greater bull run than what was already seen. Far From the Only Bullish Sign This is far from the only thing that has Bitcoin bulls enthused. Prominent trader Sawcruhteez recently noted that the three-day Ichimoku Cloud for Bitcoin is now \u201cfully\u00a0bullish,\u201d with prices breaking through the cloud resistance and with the future cloud twisting positive. The indicator signaled a buy at $10,268, suggesting more upside is imminent. The 3D Ichimoku Cloud (traditional settings) is now fully bullish and it recently signaled a buy at $10,268. $BTC pic.twitter.com\/YrZgDY7wVI &mdash; Tyler Coates (@Sawcruhteez) February 12, 2020 Sawcruhteez called Bitcoin&#8217;s reversal at the start of the year, saying he expected for the asset to trade in the mid-$9,000s by the middle of the month (he was proven correct). Also, Crypto Bull \u00a0noted\u00a0that with BTC\u2019s latest price action, the price of the cryptocurrency has, for the first time ever, broken above a downtrend that has constrained prices since the $20,000 top seen in December 2017. The fact that Bitcoin is now past this key resistance, the analyst who pointed it out wrote, is a sign that \u201cshort liquidations are coming\u201d and a potential sign that the \u201cbiggest weekly green candle in Bitcoin\u2019s history\u201d is right on the horizon. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":413802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[166,428,8024,54146],"class_list":["post-414620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-analysis-2","tag-bitcoin","tag-futures","tag-open-interest"],"acf":[],"yoast_head":"\n<title>This Bitcoin Metric Is Over 100% Higher in 2 Months, and It&#039;s Critical for Bulls<\/title>\n<meta name=\"description\" content=\"Over the past 60 days, Bitcoin has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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