Open interest in Bitcoin futures is almost higher than ever, but its composition is completely different from last year, analysis reveals.
Open interest in Bitcoin futures is almost higher than ever, but its composition is completely different from last year, analysis reveals.
Bitcoin Whales Activity Highlights Importance of $19,000
Data from Cointelegraph Markets Pro and TradingView followed the BTC/USD pair as it moved up and down for just a matter of a few hundred dollars on the day.
The pair focused on $20,000, which moved in tandem with US equity consolidation and dollar strength.
With no point catalyst in sight on short-terms, on-chain analysis resource Whalemap turned to large-scale buy and sell points to outline potential support and resistance.
To the downside, $19.174 marked the spot for whale buying, suggesting its continued strength as a decisive line.
Bullish advances, meanwhile, would have to face a cloud of resistance at $21,500.
"Don't be distracted by noise," the Whalemap team commented alongside a chart showing key levels overnight.
As Cointelegraph reported , $19,000 was already on the radar, reflecting the broadest aggregate price sold for BTC supply—Bitcoin's so-called "investor cost basis."
On the other hand, others point to $21,000 as a likely turning point in the event of a bull run.
Futures Open Interest Approaches Record 604,000 BTC
On longer time frames, meanwhile, popular trading account Daan Crypto Trades signaled an impending triangle breakout for the BTC/USD pair after weeks of comparative sideways trading.
"$BTC The only two lines you need for the next week," he summarized.
In the derivatives markets, traders were constantly adding dry powder that could fuel a "violent" end to the status quo.
“As bitcoin consolidates around $20,000, BTC-denominated futures open interest sits just below all-time highs at 604,000 BTC,” Dylan LeClair, senior analyst at UTXO Management, wrote in a thread. dedicated.
"Whether it's up or down, when Bitcoin breaks out of its current range, it's probably going to be a violent move."
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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