Bitcoin News
By TCA PR
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Gradual Rise of Bitcoin Futures Open Interest
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Is It Possible for Bitcoin to Continue Its Uptrend?
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The total outstanding value of Bitcoin (BTC) futures contracts closed 3.5 billion. Despite not being the price indicator alone, many traders assume that the growing open interest…
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On January 14th, the market started art $217.5 billion, and currently, the figure hits at more than $238.8 billion.
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The said increased market volatility interestingly fascinated other traders, especially as the BTC futures open interest climbed to $3.5 billion high.
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While the buying pressure continues to increase, the open interest in BTC futures can possibly result to more upside.
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The tweet reads, “Yesterday’s was a most active session this year for bitcoin futures and busiest since 26th of October. $25bln + going through on our radar.”
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“Global open Interest ticked up 15% to $3.5nbln.”
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The growing open interest in BTC futures contracts is composed of different derivatives trading platforms, including Binance ($136m), OKEx ($809m), CME Group ($204m), Deribit…
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If you are not aware, open interest is the number of open contracts dedicated to the futures market.
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In addition, it provides a bigger picture of the amount of money that enters or leaves a market compared to what trade volume does.
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So, in the case of BTC, the price is going up recently, along with the underlying futures contracts.
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Open interest might not be the only price direction indicator, but most traders use it to figure out how strong the trend is.
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As the open interest, volume, and price increase together, the Bitcoin price tends to continue climbing along with strength.
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Furthermore, as the price experience a downtrend along with open interest and volume rising, a bearish action tends to continue.
The Currency Analytics
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