{"id":404327,"date":"2019-11-14T21:00:56","date_gmt":"2019-11-14T21:00:56","guid":{"rendered":"https:\/\/ktsl888.com\/?p=404327"},"modified":"2024-06-11T13:34:06","modified_gmt":"2024-06-11T13:34:06","slug":"bitcoin-open-interest-may-act-as-rocket-fuel-for-explosive-bull-movement","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-open-interest-may-act-as-rocket-fuel-for-explosive-bull-movement\/","title":{"rendered":"Bitcoin Open Interest May Act as Rocket Fuel for Explosive Bull Movement"},"content":{"rendered":"
Bitcoin (BTC) has been caught in a period of sideways trading over the past several days and weeks, as it has been unable to garner any significant and sustainable upwards momentum in spite of the strong support that it has established at $8,700.<\/p>\n
Bitcoin\u2019s open interest, however, may point to an underlying strength for the cryptocurrency, and according to one analyst could signal that someone is about to \u201clight a match to some rocket fuel\u201d that could send BTC\u2019s price surging higher in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down 1% at its current price<\/a> of $8,710, which marks a slight decline from its daily lows of over $8,800 that were set yesterday.<\/p>\n Despite the lackluster price action currently seen by BTC, it is important to note that $8,700 has consistently proven to be a strong region of support for the cryptocurrency, and it is unlikely that this level will be broken below unless bears garner some sort of significant momentum.<\/p>\n As for where Bitcoin\u2019s near-term resistance lies, it has been rejected on multiple occasions over the past couple of weeks within the lower-$9,000 region, which signals that sellers are firmly in control of this price region for the time being.<\/p>\n In spite of the lack of buying pressure currently seen by Bitcoin, it is important to note that BTC\u2019s open interest is currently point to some underlying bullishness.<\/p>\n Mr. Anderson, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that a big movement is imminent for the cryptocurrency.<\/p>\n \u201c$BTC Open Interest: Don’t fall asleep and Don’t blink! Open Interest tells me that someone will light a match to some Rocket Fuel soon. Liquidations are coming soon,\u201d he explained while pointing to the chart seen below.<\/p><\/blockquote>\n $BTC<\/a> Open Interest<\/p>\n Don't fall asleep and Don't blink!<\/p>\n Open Interest tells me that someone will light a match to some Rocket Fuel soon.<\/p>\n Liquidations are coming soon pic.twitter.com\/iEhaE9eUfj<\/a><\/p>\n — Mr. Anderson (@TrueCrypto28) November 14, 2019<\/a><\/p><\/blockquote>\nDoes BTC\u2019s Open Interest Signal That Bull Run is Inbound?<\/strong><\/h2>\n
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