After the start of the weekend, it seems that the price of bitcoin ultimately settles and builds some of the bullish momentum. On Friday, March 14, the leading cryptocurrency showed this increasing momentum, climbing the plans steadily and crossed the 85,000 dollar sign to close the week.
Interestingly, the open interest BTC (OI) is also moving in a similar direction as the price during the past few days. With the high open interest, the urgent question that requires a quick answer is – does Bitcoin Bull return to the right track?
BTC open interest to $ 27.9 billion – what does that mean?
In a new post on the X platform, a encrypted community analyst with the Maartunn pseudonym open Bitcoin’s open attention is in height. For the context, the open interest meter tracks the total amount poured into BTC derivatives at any specific time.
According to Cryptoquant data, Bitcoin Oi witnessed a remarkable rise on Friday, as it rose to $ 27.9 billion. Maartunn indicated that this important step was a leap that exceeds 13 % (more than $ 3.3 billion) from the newest level in the scale.
Source: @JA_Maartun
The increase in the open interest in Bitcoin usually indicates that investors open new sites in the futures market and options. This means that investors pour money in BTC derivatives at the time. On the contrary, the value of the decrease in OI indicates that derivative dealers leave their positions or be filtered on the market.
The increasing open attention can be a healthy health sign on the first cryptocurrency – especially if the historical precedence is anything that must be passed. The flow of the new capital to the market indicates an increase in investor (usually trust) morale or speculation about the path of bitcoin.
Since more investors flood the derivatives market and continue to bet on the BTC price, the increasing open attention may increase bitcoin fluctuations. The increased fluctuations indicate that the main cryptocurrency can suffer from large price movements soon.
What after the price of bitcoin?
The BTC price seems to be preparing for a significant transition to the upward trend. Legal market technician Tony Sevirino Common to x The platform that the market leader can run to about $ 95,000 in the next few days.
Source: @tonythebullBTC
The encryption expert indicated that this drop depends on the price of bitcoin to restore the moving average for 200 days (MA). If the BTC price is closed crucial over this MA, it may be run to MA for 50 days around the MID-90,000 dollar area.
From writing these lines, the price of Bitcoin is about 84,500 dollars, which reflects an increase of approximately 5 % over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
A distinctive image created by Dall-E, Chart from TradingView
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