{"id":556049,"date":"2023-10-19T16:00:14","date_gmt":"2023-10-19T16:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=556049"},"modified":"2024-06-11T08:13:41","modified_gmt":"2024-06-11T08:13:41","slug":"bullish-divergence-again-forming-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bullish-divergence-again-forming-bitcoin-rally\/","title":{"rendered":"This Bullish Divergence Is Once Again Forming For Bitcoin, Rally Soon?"},"content":{"rendered":"

Data shows a divergence is forming between Bitcoin and Ethereum’s open interest, something that has been bullish for BTC in the past.<\/p>\n

Bitcoin Open Interest Has Declined, While Ethereum Has Seen Rise<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, the BTC open interest has been going down since Monday. The “open interest<\/a>” here refers to the total amount of Bitcoin contracts (in USD) that are currently open on the futures and options market.<\/p>\n

When the value of this metric increases, it means that there are more positions being opened up on derivative exchanges right now. Such a trend can lead to increased volatility<\/a> for the asset, as more positions generally come with higher overall leverage for the sector.<\/p>\n

Related Reading: Bitcoin Market Cap Could Rise By $1 Trillion After Spot ETFs Launch: CryptoQuant<\/a><\/div>\n

On the other hand, decreasing values suggest the traders are either closing off their positions or are getting liquidated. The cryptocurrency may become calmer following this kind of trend.<\/p>\n

Now, here is a chart that shows the trend in the open interest for Bitcoin and Ethereum over the past month:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the two metrics have been going opposite ways in recent days | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, The Bitcoin open interest has observed a downtrend in the last few days. This decline in the indicator had first started when the fake iShares ETF announcement<\/a> led to more than $100 million shorts being flushed in a flash.<\/p>\n
The metric saw a bit of a rebound not too long after this sudden sharp liquidation squeeze took place, but it was quick to return back toward a downward trajectory.<\/p>\n
At the same time that this latest decline in the Bitcoin open interest has occurred, the Ethereum open interest has registered a rise instead. This suggests that while contracts are closing up on BTC futures and options, the ETH side of the market is seeing renewed interest.<\/p>\n
Interestingly, as Santiment has highlighted in the chart, the last time this trend occurred, the Bitcoin price benefited from an uplift. This previous occurrence of the pattern was between September 28 and 30, and shortly after this, the BTC price saw an increase of about 4.5%.<\/p>\n
The divergence between the metrics of the two assets was much more pronounced back then as compared to now; however, the scales of both the decline in the BTC open interest and the rise in the ETH open interest were far greater.<\/p>\n
Related Reading: This Rare Bullish Bitcoin Crossover Could Soon Form, Quant Predicts When<\/a><\/div>\n
Nonetheless, the same general pattern has still repeated this time, so it now remains to be seen whether Bitcoin would see a bullish effect this time as well, and if so, to what degree, given the lesser scale of the divergence.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has gone stale during the last few days as its price is still trading around the $28,400 mark right now.<\/p>\n
\"Bitcoin<\/p>\n
The value of the coin has been consolidating sideways in the past few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows a divergence is forming between Bitcoin and Ethereum’s open interest, something that has been bullish for BTC in the past. Bitcoin Open Interest Has Declined, While Ethereum Has Seen Rise According to data from the on-chain analytics firm Santiment, the BTC open interest has been going down since Monday. The “open interest” here refers to the total amount of Bitcoin contracts (in USD) that are currently open on the futures and options market. When the value of this metric increases, it means that there are more positions being opened up on derivative exchanges right now. Such a trend can lead to increased volatility for the asset, as more positions generally come with higher overall leverage for the sector. Related Reading: Bitcoin Market Cap Could Rise By $1 Trillion After Spot ETFs Launch: CryptoQuant On the other hand, decreasing values suggest the traders are either closing off their positions or are getting liquidated. The cryptocurrency may become calmer following this kind of trend. Now, here is a chart that shows the trend in the open interest for Bitcoin and Ethereum over the past month: Looks like the two metrics have been going opposite ways in recent days | Source: Santiment on X As displayed in the above graph, The Bitcoin open interest has observed a downtrend in the last few days. This decline in the indicator had first started when the fake iShares ETF announcement led to more than $100 million shorts being flushed in a flash. The metric saw a bit of a rebound not too long after this sudden sharp liquidation squeeze took place, but it was quick to return back toward a downward trajectory. At the same time that this latest decline in the Bitcoin open interest has occurred, the Ethereum open interest has registered a rise instead. This suggests that while contracts are closing up on BTC futures and options, the ETH side of the market is seeing renewed interest. Interestingly, as Santiment has highlighted in the chart, the last time this trend occurred, the Bitcoin price benefited from an uplift. This previous occurrence of the pattern was between September 28 and 30, and shortly after this, the BTC price saw an increase of about 4.5%. The divergence between the metrics of the two assets was much more pronounced back then as compared to now; however, the scales of both the decline in the BTC open interest and the rise in the ETH open interest were far greater. Related Reading: This Rare Bullish Bitcoin Crossover Could Soon Form, Quant Predicts When Nonetheless, the same general pattern has still repeated this time, so it now remains to be seen whether Bitcoin would see a bullish effect this time as well, and if so, to what degree, given the lesser scale of the divergence. BTC Price Bitcoin has gone stale during the last few days as its price is still trading around the $28,400 mark right now. The value of the coin has been consolidating sideways in the past few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":556068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88160,569,6481,1119,1144,8323,1946],"class_list":["post-556049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish-divergence","tag-bitcoin-futures","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\nThis Bullish Divergence Is Once Again Forming For Bitcoin, Rally Soon?<\/title>\n<meta name=\"description\" content=\"Data shows a divergence is forming between Bitcoin and Ethereum open interest, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bullish Divergence Is Once Again Forming For Bitcoin, Rally Soon?","url":"http:\/\/wncen.com\/news\/bullish-divergence-again-forming-bitcoin-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bullish-divergence-again-forming-bitcoin-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1165586542-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1165586542-1.jpg?fit=4000%2C2670"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish divergence","bitcoin futures","bitcoin rally","btc","btcusd","eth","ethereum"],"dateCreated":"2023-10-19T16:00:14Z","datePublished":"2023-10-19T16:00:14Z","dateModified":"2024-06-11T08:13:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bullish Divergence Is Once Again Forming For Bitcoin, Rally Soon?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bullish-divergence-again-forming-bitcoin-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bullish-divergence-again-forming-bitcoin-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1165586542-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1165586542-1.jpg?fit=4000%2C2670\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish divergence\",\"bitcoin futures\",\"bitcoin rally\",\"btc\",\"btcusd\",\"eth\",\"ethereum\"],\"dateCreated\":\"2023-10-19T16:00:14Z\",\"datePublished\":\"2023-10-19T16:00:14Z\",\"dateModified\":\"2024-06-11T08:13:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1165586542-1.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556049"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556049"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556049\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556068"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}