Will the all-time high in open interest support Bitcoin's rally?
Macro theme:
- Bitcoin jumped over 5% yesterday, following a positive trend across the crypto market. This has fuelled investor optimism for further gains in the coming months. Improved market sentiment, global stock rallies, and limited negative news from Middle East tensions have supported the rise of bitcoin.
- Additionally, open interest in Bitcoin futures and perpetual surged by about 33,000 bitcoin last week, reaching an all-time high in USD terms, according to ETC Group. These factors strengthen the case for a continued rally through "Uptober."
Technical theme:
- BTCUSD is around its resistance at 68340, confluence with the descending trendline. The price is trading above both EMAs, indicating a solid bullish momentum.
- If BTCUSD extends its rally above 68340, it may retest the nearby key resistance area 71400-73000.
- Meanwhile, BTCUSD may retrace to test its support area at 62800-64400 before resuming its upward movement.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Bitcoin jumped over 5% yesterday, following a positive trend across the crypto market. This has fuelled investor optimism for further gains in the coming months. Improved market sentiment, global stock rallies, and limited negative news from Middle East tensions have supported the rise of bitcoin.
- Additionally, open interest in Bitcoin futures and perpetual surged by about 33,000 bitcoin last week, reaching an all-time high in USD terms, according to ETC Group. These factors strengthen the case for a continued rally through "Uptober."
Technical theme:
- BTCUSD is around its resistance at 68340, confluence with the descending trendline. The price is trading above both EMAs, indicating a solid bullish momentum.
- If BTCUSD extends its rally above 68340, it may retest the nearby key resistance area 71400-73000.
- Meanwhile, BTCUSD may retrace to test its support area at 62800-64400 before resuming its upward movement.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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