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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin

Bitcoin Market Turns Positive As Futures Open Interest Rises Sharply – More Price Growth?

Godspower Owie
by Godspower Owie
1 hour ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The past few days have been remarkably positive for Bitcoin, the leading crypto asset, as it surges to a new all-time high above the $125,000 price mark. However, as Tuesday drew to a close, the crypto king experienced a slight pullback. During the notable upward performance in price, several metrics, such as the Futures Open Interest, have flipped bullish once again.

A Resurgence In Bitcoin Futures Open Interest

Bitcoin investors are exhibiting a bullish trend in light of the recent upside move in BTC’s price to a new all-time high. With momentum still present, Glassnode, a leading financial and on-chain data analytics platform, has disclosed a shift in the key BTC Futures Open Interest (OI) metric.

Related Reading: Bitcoin Breaks $123,000 As Rising Open Interest Signals More Action Ahead

After thorough examination, the on-chain platform observed that the Futures Open Interest is rising sharply, a testament to a heating derivatives market. This ongoing rise reflects a robust wave of renewed bullish sentiment, and investors seem to be reentering the market with conviction.

In a period of strong upside action, these investors might be positioning themselves for the next upward trend. According to Glassnode, the metric experienced a sharp increase as traders added longs during the breakout to new all-time highs. While the price of Bitcoin has slightly pulled back, the flagship asset is currently testing these positions, which aids in resetting leverage. 

Bitcoin
Source: Chart from Glassnode on X

In the meantime, monitoring this metric is vital because it will be key to observing where buyers intervene and whether support levels generate fresh demand. In another X post, the on-chain platform has outlined several price levels acting as the next areas of support against recent drawdowns.

Using the Cost Basis Distribution Heatmap, Glassnode has highlighted a thin support between the $121,000 and $120,000 price level. In addition to this, the thin support range is a cluster near $117,000, where over 190,000 BTC were last purchased. It is important to note that a decline into this area may draw in more demand as recent buyers defend this level.

No Selling Pressure From Derivatives Market

Given the recent upward momentum, selling pressure from the derivatives market has significantly decreased. Darkfost, an author at CryptoQuant, reported the development after investigating the BTC Net Taker Volume metric, which compares the size of sell and buy orders on the derivative markets.

Related Reading: Bitcoin Holders Locking In Gains As Profit-Taking Surges Amid Market Recovery, Rally To Extend?

While selling pressure is reducing, it simply means that the measure has turned positive. When extreme levels are achieved during bull market phases, the expert claims it is frequently an intriguing moment to enter the market.

As of Tuesday, the monthly average of net taker volume has shifted from an extreme low of –$400 million to an almost perfectly neutral level. This hints at a true shift in dominance between buying and selling pressure, and a similar trend happened during the April correction. 

When that occurs, derivative activity becomes a solid support for the movement of Bitcoin. As the metric undergoes a change, Darkfost pointed to a potential opposite extreme, suggesting a fast, sharp move into strongly positive territory.

Bitcoin
BTC trading at $121,413 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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