Bitcoin’s ($BTC) price movements look to have adopted an upward trajectory, as Open Interest (OI) in the asset’s Future’s market begins to tick upward.
Bitcoin, as well as most digital assets markets, has begun to present bullish momentum. This current run of bullish price action could be sustained, and buoy the asset’s value to new highs, as the move coincides with an upward move in Open Interest in the Bitcoin Futures market.
With $BTC’s market dominance up 0.81% on the day (at time of writing,) at a value of 45.82%, and the benchmark digital asset – itself – valued at $39,121.79, things may actually be looking up for crypt markets. Up 8.43% from a daily open of $35,969, the biggest cryptographic asset – by market cap – appears set on challenging the $45k – $46k price levels.
This may be more likely once the coin clears the $40k – 42k price barrier however. Quite a probable occurrence really, technical reports yesterday are still strong.
Open Interest
Open Interest in the Bitcoin Futures markets – which is usually a good indicator of trader sentiment – suggests that traders may be beginning to adopt a more bullish outlook, as CME has gapped upward since the previous trading day (June 13.)
Data derived from Barcharts, on the market, shows that $BTC futures are up 5% at time of writing. While TheBlock’s amalgamated Futures data on all exchanges displays Bitcoin futures markets OI ticking upward from May lows
