• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, golden cross
Advertisement

Bitcoin Prints Critical Golden Cross as Futures Open Interest Hits Record High

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0
Advertisement
  • Bitcoin experiences a Golden Cross for the first time since February 2020.
  • The bullish indicator surfaced as open interest for CME Bitcoin Futures hit a record high.
  • Nevertheless, the cryptocurrency continues to hover below $10,000, while eyeing a price breakout.

On Wednesday, Bitcoin printed what is known in technical analysis as a “Golden Cross.”

The technical indicator occurs when an asset’s 50-day moving average crosses over its 200-day moving average. Its occurrence on the Bitcoin price chart has inspired larger bull runs. For instance, the cryptocurrency rallied by more than 150 percent after experiencing a Golden Cross on April 23, 2019.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, golden cross
BTCUSD printed a 50-200 DMA crossover on Wednesday | Source: TradingView.com, Coinbase

But the output was not similar in February 2020. Bitcoin painted the bullish indicator but failed to build up an upside momentum on it, crashing over 50 percent right after its formation. So it appeared, the cryptocurrency fell victim to a broader market sell-off a month later caused by fears of a fast-spreading coronavirus pandemic.

Bitcoin’s second Golden Cross formation this year, therefore, appears like its homecoming to the pre-March bullish bias. The data proves it.

Bitcoin Open Interest

The total number of outstanding Bitcoin futures contracts surged to record levels on the Chicago Mercantile Exchange (CME), according to the data available on its portal.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

A rising “Open Interest” shows that money flows into the bitcoin derivatives are increasing. It also means that market participants are watching the underlying spot market closely, verifying that the existing market trend is gaining momentum or is likely to sustain.

bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, golden cross
Bitcoin Futures OI | Source: CME

Meanwhile, Bitcoin traders treat open interests in derivatives markets as a metric to gauge Wall Street’s involvement in the cryptocurrency space.

Gabor Gurbacs, the digital assets strategist at VanEck, said earlier Wednesday that institutional investors treat bitcoin futures as a safer and more-regulated way to speculate on its underlying spot market. The analyst also noted that that CME’s impressive statistics build a bullish case for Bitcoin moving forward.

“Historically, commodities trade on futures markets at the size,” he added.

The statement surfaced as Paul Tudor Jones, the founder of Tudor Investments Corp., admitted having 1-2 percent exposure in Bitcoin futures. The billionaire investor said he is speculating on the cryptocurrency for its promises to protect investors from inflation caused by endless money printing by central banks.

Global market analysts have noted that investors are hunting for better yields ever since the Federal Reserve slashed its benchmark lending rate to near zero in late March. As a result, yields on both long- and short-term Treasury bonds plunged, sending investors to higher risk-reward markets, including Bitcoin.

What’s Next

The Golden Cross and CME Futures narrative present a bullish case for Bitcoin. Nevertheless, the optimistic confluence has not transformed into a breakout in the spot market. The cryptocurrency continues to hover under $10,000 – which increases its chances of undergoing a severe pullback.

Photo by Samuel McGarrigle on Unsplash
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

5 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

8 hours ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

12 hours ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

1 day ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

2 days ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Unbanked and Mastercard Team Up to Accelerate Crypto Card...

    11 mins ago
  • Binance Coin (BNB) Trading Volume Pumps By $7 Million While...

    9 hours ago
  • Polkadot (DOT) sees 5% Growth, why Cardano (ADA) and...

    10 hours ago
  • More than a trillion dollars moved in Litecoin (LTC)...

    10 hours ago
  • Moralis has revealed the integration of Web3 API with Aptos...

    11 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.