Bitcoin's 'Violent' Breakout Is Due As BTC Open Interest Approaches All-Time High
Bitcoin futures open interest is almost higher than ever, but its composition is completely different from last year, reveals an analysis.
Market Update
Bitcoin (BTC) remained limited at the opening of Wall Street on October 6, with traders already anticipating a “violent” breakout.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose and fell by just a few hundred dollars on the day.
The high of $20,000 was the centerpiece of the pair, which followed the consolidation of US stocks and the strength of the dollar.
With no one-time catalyst in sight over short time frames, on-chain analysis resource Whalemap turned to large-scale buy and sell points to sketch out likely support and resistance.
On the downside, $19,174 marked the site of whale buybacks, suggesting its continued strength as a line in the sand.
Upside progress, meanwhile, should face a cloud of resistance at $21,500.
"Don't get distracted by noise," the Whalemap team commented alongside a graph showing key levels overnight.
Annotated BTC/USD chart. Source: Whalemap/ TwitterAs Cointelegraph reported,
Bitcoin futures open interest is almost higher than ever, but its composition is completely different from last year, reveals an analysis.
Market Update
Bitcoin (BTC) remained limited at the opening of Wall Street on October 6, with traders already anticipating a “violent” breakout.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose and fell by just a few hundred dollars on the day.
The high of $20,000 was the centerpiece of the pair, which followed the consolidation of US stocks and the strength of the dollar.
With no one-time catalyst in sight over short time frames, on-chain analysis resource Whalemap turned to large-scale buy and sell points to sketch out likely support and resistance.
On the downside, $19,174 marked the site of whale buybacks, suggesting its continued strength as a line in the sand.
Upside progress, meanwhile, should face a cloud of resistance at $21,500.
"Don't get distracted by noise," the Whalemap team commented alongside a graph showing key levels overnight.
Annotated BTC/USD chart. Source: Whalemap/ TwitterAs Cointelegraph reported,
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