Bitcoin Open Interest Falls 8%, Can BTC Still Finish Strong?

2022-12-19 20:00

Bitcoin open interest has been on a steady decline since last week. After hitting a peak of $10.2 billion in early December, a swift reversal has seen open interest fall to monthly lows. Now, the decline in less than a week has put some pressure on the price of the pioneer cryptocurrency.

Bitcoin Open Interest Nosedives By 8.8%

Over the month of December, market sentiment has not been overall positive for bitcoin which has led to the stagnant growth in bitcoin open interest. Nevertheless, there was some positive movement last week given the encouraging CPI data release and reduced interest rate hikes by the Fed in response to this. However, most of this growth would quickly be wiped out in a few days.

Between the start of last week and the end, there was about an 8% increase in the exchange of bitcoin futures open interest. This brought it close to the month’s peak once more as prices began to recover. But by Monday, only four days after hitting this local peak, it would decline another 8.8%.

The total open interest across all exchanges is currently sitting at $9.353 billion in the early hours of Monday. It is now a long way from the $23.805 billion high that was recorded in April 2021, and the last time open interest was this low was in January of 2021, almost two years ago.

BTC Not Looking Good

For bitcoin, finishing a year such as 2022 on a strong note would be a good boost for the digital asset. However, indicators continue to point towards a weak finish for it and the decline in the exchange bitcoin futures open interest contributes greatly to this.

Firstly, bitcoin has been unable to successfully break out of its $16,000 rut. This continuous drag on the cryptocurrency was expected after it fell below the $17,000 support level but there is no recovery on the horizon. Even the $16,500 support remains shaky at best at this point.

Unless there is some uptick in momentum in the coming days, bitcoin might be closing out the year below $16,000. This will naturally be propelled forward by the lull triggered by the holiday season as most take a break from the market. Also, the pullout of liquidity for holiday expenses is something that affects financial markets and bitcoin is not left out of this.

A break above the resistance that is now being mounted at $17,000 would be just the trigger needed for bitcoin to mark a strong finish. From there, $17,500 remains a good target and the bulls can easily maintain this momentum into the new year.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin Interest (BCI) на Currencies.ru

$ 0 (-1.38%)
Объем 24H $0
Изменеия 24h: 0.44 %, 7d: 1.22 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0055889 (-100%)

interest open bitcoin decline week seen monthly

interest open → Результатов: 126


Bitcoin Open Interest Continues To Rise, Short Squeeze Incoming?

On-chain data shows Bitcoin open interest and estimated leverage ratio metrics have continued to rise recently. This could mean that a short squeeze may be coming soon. Bitcoin Open Interest Rises Despite Decline In Price As pointed out by an analyst in a CryptoQuant post, the BTC open interest has shown uptrend over the past month, despite the price of the crypto moving down.

2022-1-11 22:00


CME Bitcoin Institutional Interest Hits New Record – Up 80% YOY

CME Bitcoin futures reached a record all-time of 5,311 contracts or $250 Million this week, as new Institutional money flows into the Bitcoin derivative market. The Importance of Institutional Money According to a recent tweet from one of the world’s largest Bitcoin derivatives marketplace, the number of open BTC1! contracts reached a record $250 Million in notional spot value on June 17.

2019-6-19 19:00