{"id":419448,"date":"2020-03-29T17:00:38","date_gmt":"2020-03-29T17:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=419448"},"modified":"2024-06-11T13:46:54","modified_gmt":"2024-06-11T13:46:54","slug":"bitcoins-open-interest-and-money-flow-suggests-a-strong-pump-is-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoins-open-interest-and-money-flow-suggests-a-strong-pump-is-imminent\/","title":{"rendered":"Bitcoin\u2019s Open Interest and Money Flow Suggests a Strong Pump is Imminent"},"content":{"rendered":"
Following an extended period of rangebound trading within the upper-$6,000 region, Bitcoin now appears to have entered yet another bout of consolidation around its current price of $6,100.<\/p>\n
Although it remains unclear as to whether or not Bitcoin\u2019s current market structure is bullish or bearish, there are a few fundamental factors that may suggest a price pump is imminent.<\/p>\n
This comes as one analyst notes that there is one technical indicator that suggests Bitcoin is poised to see some near-term upside, but it must first surmount a key technical level.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 2% at its current price<\/a> of $6,160, which marks a slight decline from daily highs of $6,300 that were set yesterday when bulls attempted to invalidate the bearishness sparked by BTC\u2019s plunge to lows of $6,100.<\/p>\n Although bulls have not been able to post any sort of sustainable rebound in the time following Bitcoin\u2019s decline from multi-day highs of $6,900, analysts are now noting that BTC may have some underlying bullishness that ultimately allows it to climb higher.<\/p>\n Teddy, a prominent cryptocurrency analyst on Twitter, spoke about this bullish undercurrent in a recent tweet, explaining that BTC\u2019s cloud indicator is currently green, suggesting that the crypto is positioned to see some near-term upside.<\/p>\n \u201cBTC: Green cloud suggests that the bias of the weekly trend is still bullish. However, closing below the 200ema will postpone any bullish price action – as the cloud will turn resistance,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/TeddyCleps\/status\/54077184<\/p>\nBullish Signs Proliferate: BTC Incurs Rising Open Interest and Money Flow<\/strong>\u00a0<\/strong><\/h2>\n