Fun

Traders eye $71.5K Bitcoin price as open interest jumps 13%

News Feed - 2024-07-17 11:07:33

Ciaran Lyons6 hours agoTraders eye $71.5K Bitcoin price as open interest jumps 13%Bitcoin may be gearing up to move above $70,000 now it has reclaimed a critical level that traders have been closely watching for the past two months.4430 Total views15 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin could be headed toward the $71,500 mark after breaching the $65,000 price point on Tuesday, based on historical patterns as observed by crypto traders. 


The price rebound has also increased interest among future traders betting on Bitcoin’s near-term price movements.


“Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region,” pseudonymous crypto trader Rekt Capital wrote in a July 16 X post, when Bitcoin (BTC) was hovering just shy of $65,000.


Rekt referred to their Bitcoin price cluster chart, which divides price ranges into separate boxes, to show previous times when Bitcoin broke the $65,000 barrier before approaching the $71,500 level, which has already happened four times this year.Source: Rekt Capital


Bitcoin is currently trading at $65,846 at the time of publication, according to CoinMarketCap data. 


If Bitcoin moves to $71,500, the next significant stage will be Bitcoin’s all-time high of $73,649, reached on March 13.Bitcoin shorters think otherwise


However, a huge amount of short positions are at risk of being liquidated at $71,500, meaning many future traders are confident the price won’t reach that level for now.


Approximately $1.47 billion in short positions will be wiped at $71,500, according to CoinGlass data.


Despite this, the past five days has rebuilt confidence among future traders, as Open Interest (OI) — the total number of outstanding Bitcoin options contracts traders hold at a given time that have not yet been executed — has spiked 13% over the same period.Bitcoin Open Interest is currently $33.10 billion. Source: CoinGlass


Related:Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers — Glassnode


Meanwhile, pseudonymous crypto trader Mags pointed out that Bitcoin’s recent price decline to $56,649 on June 12, falling below the 200-day moving average — could be a signal that Bitcoin could repeat its historical patterns seen in August 2023, where Bitcoin jumped 17.5% to $47,000 in just two months.


“If a similar pattern repeats after the recent dip, we could see $70,000+ for Bitcoin soon” Mags stated in a July 16 X post.


Pseudonymous crypto trader Yoddha believes the sharp decline was a “fakeout to trap all the panic sellers.”


Magazine:Coinbase will not mention ‘crypto’ in five years: Avichal Garg, X Hall of Flame


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# MarketsAdd reaction

News Feed

William Suberg11 hours agoBitcoin loses $29K as traders flag key BTC price levels to watch nextBitcoin traders are particularly interested in the short-term holder cost basis as a potential BTC price support level.4793 T
Bullish Bitcoin traders better positioned for Friday’s $5.5B options expiry
Marcel Pechman4 hours agoBullish Bitcoin traders better positioned for Friday’s $5.5B options expiryBullish Bitcoin options traders expect a hefty profit from Friday’s expiry now that Germany and Mt. Gox wallets have
White House Is Not Preparing for Recession — Chief of Staff Says US Economy Is Strong
White House Is Not Preparing for Recession — Chief of Staff Says US Economy Is Strong White House Chief of Staff Ron Klain says that the U.S. is not in a recession. “The ec
Rakesh Upadhyay12 hours agoPrice analysis 6/26: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTCAn onslaught of Bitcoin ETF applications could help BTC price find long-lasting support at the $30,000 level.2952 Total vie
Best Altcoins to Ride the $BTC Bull Run as SoftBank and Tether Back $3B Bitcoin Fund
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin miner Riot Platforms reports record $211M Q1 net income
Brayden Lindrea8 hours agoBitcoin miner Riot Platforms reports record $211M Q1 net incomeRiot’s net income was boosted by a 131% year-on-year increase in Bitcoin’s price despite the cryptocurrency becoming more diffi
Analyst Predicts XRP Price Will Reach $20-$30 — Elliott Wave Theory Holds The Key
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Is Dogecoin copying the 2020 fractal that sent DOGE price soaring 15,800%?
Yashu Gola8 hours agoIs Dogecoin copying the 2020 fractal that sent DOGE price soaring 15,800%?DOGE"s bullish fractal also gains support from expectations of interest rate cuts, the upcoming Bitcoin halving, and Elon Mus
Polkadot (DOT) Nears Critical Zone: A Reversal Could Trigger 180% Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Prashant Jha10 hours agoStock markets across Asia and Europe bleed red as interest rate woes returnChinese economic strife dragged down Asian markets, while interest rate woes caused a bearish tumble in Europe.427 Total
Jesse Coghlan2 hours agoDeFi group petitions to stop ‘patent troll’ targeting DeFi protocolsThe DeFi Education Fund says a patent owned by True Return Systems is being used to try to profit from lawsuits against dece
Bitcoin’s Inception: A 340-Page Book Compiles All of Satoshi’s Writings in Chronological Order
Bitcoin"s Inception: A 340-Page Book Compiles All of Satoshi"s Writings in Chronological Order Bitcoin’s mysterious creator, Satoshi Nakamoto, first appear