Bitcoin Bull Cycle Targets $84K As Open Interest Hits $35B
The post Bitcoin Bull Cycle Targets $84K As Open Interest Hits $35B appeared on BitcoinEthereumNews.com.
With a boom in the crypto market, Bitcoin is approaching the $66K barrier, presenting a potential breakout opportunity. Will this breakout lead to a new all-time high? The ongoing bull cycle has contributed to a 21.41% increase in BTC price, rising from $53,731 over the past three weeks and surpassing $65,500. Currently, Bitcoin is trading at $65,540, reflecting an intraday gain of 0.56% following a 3.21% jump yesterday. Amid the recovering market, will the Bitcoin bull run continue to gain momentum and reach a new all-time high? Bitcoin Price Analysis According to Fibonacci retracement levels, Bitcoin’s uptrend has surpassed the 50% Fibonacci level at $63,568 and is heading toward the $69,032 mark, or the 78.60% level. Additionally, price action analysis indicates that the bull cycle is poised to challenge a resistance trendline within a falling channel pattern. Bitcoin Price Chart The bullish trend teases a potential crossover between the 50 and 100-day EMA. Furthermore, the MACD and signal lines are on a positive trend, with a gradual surge in positive histograms. With a potential breakout rally on the horizon, Fibonacci levels indicate targets at $78,318 and $84,129, corresponding to the 1.272 and 1.618 Fibonacci levels, respectively. Bitcoin’s Open Interest Surpasses $35B Amid the broader market recovery, Bitcoin derivatives data reveals that open interest has surged by 2.22% over the last 24 hours. Currently, open interest stands at $35.79 billion, with a 66% increase in options value, now totaling $3 billion. Bitcoin Derivatives Additionally, trading volume has spiked by 52%, reaching $77.19 billion. Adding to the bullish sentiment, the long-to-short ratio over the past 24 hours has surpassed the one-unit threshold, currently at 1.0367. Moreover, $32 million worth of short positions were liquidated in the past 24 hours, while long positions experienced a loss of $10.56 million. As the market turns bullish…
Filed under: News - @ September 27, 2024 4:28 pm