Bitcoin’s bulls take control of the market as BTC hits a month high
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Bitcoin’s bullish sentiments, with Futures and Options Open Interest hitting a monthly high. Can BTC push to $100,000 again? Over the past day, Bitcoin [BTC] surged by 6.33% to hit a one-month high of $93,756, at press time. Over the same period, investors have shown extreme bullishness. Notably, at the time of writing, the Put/Call Open interest was at 0.59. Source: Glassnode The ratio highlights trader sentiment, with 1.7 call contracts for every 1 put contract. This translates to $19.3 billion in Call Open Interest, compared to $11.5 billion in put open interest. Such a ratio suggests traders are more bullish than bearish, with calls positioning faster than puts. Additionally, options interest surged from $28.5 billion to $30.7 billion, a $2.2 billion increase within a day. This marks the highest level since March, aligning with the rise in price and Futures open interest. Meanwhile, Futures Open Interest climbed from $36.2 billion to $38.6 billion, gaining $2.4 billion in less than 36 hours. Source: Glassnode With strong bullish sentiments, the question is whether the uptrend will continue. Will BTC’s current uptrend last? Despite Bitcoin’s strong surge over the past day, Binance investors remain skeptical about its sustainability. Currently, Binance Funding Rates have turned negative, standing at -0.006, despite the upward price momentum. Since the start of this cycle, such low Funding Rates have only been observed twice: Firstly, on the 16th of October 2023, when BTC surged from $28,000 to $73,000. And on the 9th of September 2024, when BTC rallied from $57,000 to $108,000. These historical instances hint at the potential for significant price movements under similar conditions. Source: CryptoQuant This shows that, when the Funding Rate on Binance dips to such levels, prices tend to rise as investors shorting the market suffer from a short squeeze. As market…
Filed under: News - @ April 23, 2025 11:29 am