{"id":412814,"date":"2020-01-30T14:00:19","date_gmt":"2020-01-30T14:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=412814"},"modified":"2024-06-11T13:41:14","modified_gmt":"2024-06-11T13:41:14","slug":"bitcoin-open-interest-hitting-1b-could-be-bullish-this-time-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-open-interest-hitting-1b-could-be-bullish-this-time-heres-why\/","title":{"rendered":"BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time"},"content":{"rendered":"<p>Experts believe <a href=\"https:\/\/ktsl888.com\/2020\/01\/30\/bitcoin-eyes-price-explosion-as-traders-assess-fomc-policy-update\/\">bitcoin&#8217;s explosive price rally<\/a> is about to hit an end as a trend-defining technical indicator screams &#8216;sell.&#8217;<\/p>\n<p>Bitcoin&#8217;s Open Interest (OI) is approaching $1 billion on BitMEX. Historically, whenever the total valuation of unsettled contracts touches the said valuation, bitcoin&#8217;s price in spot markets plunge. In September 2019, for instance, the cryptocurrency underwent a significant sell-off, dropping by up to 26.21 percent when the <a href=\"https:\/\/ktsl888.com\/2019\/12\/06\/bitmex-open-interest-continues-to-dictate-crypto-volatility\/\">BitMEX OI reached $1.03 billion<\/a>.<\/p>\n<figure id=\"attachment_412815\" aria-describedby=\"caption-attachment-412815\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-30012020-2.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-412815 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-30012020-2.png?resize=860%2C493\" alt=\"bitcoin, cryptocurrency, bitmex, \" width=\"860\" height=\"493\"><\/a><figcaption id=\"caption-attachment-412815\" class=\"wp-caption-text\">BitMEX OI hitting historically leads to massive bitcoin bearish corrections | Source: TradingView.com, Scalpex<\/figcaption><\/figure>\n<p>It dipped in a similar manner in August and July 2019, showing a positive correlation between the OI and prices.<\/p>\n<h2>Breaking Patterns<\/h2>\n<p><a href=\"https:\/\/www.investopedia.com\/articles\/technical\/02\/112002.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Open Interest indicator<\/a> works in conjunction with two more technical data: Volume and Price. If all the parameters are going up in tandem, then it means the underlying asset&#8217;s uptrend is strong and bullish, and, therefore, should continue to trend higher, as shown in the table below.<\/p>\n<figure id=\"attachment_412817\" aria-describedby=\"caption-attachment-412817\" style=\"width: 365px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/112002_1-5bfd88ea46e0fb0051d60e11.gif\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-412817 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/112002_1-5bfd88ea46e0fb0051d60e11.gif?resize=365%2C154\" alt=\"bitcoin, cryptocurrency\" width=\"365\" height=\"154\"><\/a><figcaption id=\"caption-attachment-412817\" class=\"wp-caption-text\">Open Interest against Price and Volume | Source: Investopedia<\/figcaption><\/figure>\n<p>In the current scenario, bitcoin&#8217;s price is rising alongside volume and open interest. That shows a great level of engagement from retail investors, driven by a multitude of fundamental factors, including halving, the <a href=\"https:\/\/ktsl888.com\/2020\/01\/28\/no-bitcoin-gains-are-not-down-to-fears-of-coronavirus-outbreak\/\">Coronavirus outbreak<\/a>, the Federal Reserve&#8217;s expansionary monetary policies, and booming demand for safe-havens against a potential correction in the global equity markets.<\/p>\n<p>Angel investor Anondran believes that BitMEX OI is not a strong bitcoin price forecaster. In a tweet published today, the full-time crypto trader noted that the $1 billion price ceiling is more psychological than practical, adding that booming interest in bitcoin futures could send the valuation up towards $1.3-1.5 billion as well.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitmex OI @ 1 Billion could become a less significant indicator. Bitcoin crashed everytime it hit that mark last year doesn&#39;t mean it&#39;s going to this year.<\/p>\n<p>OI only hit 1 Billion @ 14k last year compared to 9k now. Expect 1.3-1.5 Billion in Bitmex this year.<\/p>\n<p>&mdash; Anondran (@AnondranCrypto) <a href=\"https:\/\/twitter.com\/AnondranCrypto\/status\/13105920?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">&#8220;High OI literally means that a lot of longs and shorts are being opened, which indicates interest in Futures trading,&#8221; he added. &#8216;The fact that Bitmex has been able to hit this mark despite a ton of new competitors, coupled with dead Spot volumes shows <\/span><span class=\"r-18u37iz\"><a class=\"css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\" role=\"link\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=cashtag_click\" data-focusable=\"true\" rel=\"nofollow\">$BTC<\/a><\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> price is currently priced by Futures.&#8221;<\/span><\/p><\/blockquote>\n<h2>Bitcoin&#8217;s Next Moves<\/h2>\n<p>Bitcoin could undergo an interim bearish correction to the downside to neutralize its overbought scenario. That is visible in the cryptocurrency&#8217;s daily Relative Strength Indicator (RSI), as shown in the chart below.<\/p>\n<figure id=\"attachment_412825\" aria-describedby=\"caption-attachment-412825\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-30012020-3.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-412825 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/01\/bitcoin-price-30012020-3.png?resize=860%2C610\" alt=\"bitcoin, cryptocurrency\" width=\"860\" height=\"610\"><\/a><figcaption id=\"caption-attachment-412825\" class=\"wp-caption-text\">Mld price correction awaited as bitcoin&#8217;s uptrend slows down | Source: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>The RSI is reversing from 70, hinting a mild downside in the coming daily session. That could push the price to test the blued 200-daily moving average first. If broken, then the price could test the 50 percent Fib support right below at circa $8,499 for the next pullback.<\/p>\n<p>On the other hand, continuation in the uptrend could have traders test the $9,500-10,000 area as the next resistance. If BitMEX OI stabilizes above $1 billion, bitcoin could explode above $10,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Experts believe bitcoin&#8217;s explosive price rally is about to hit an end as a trend-defining technical indicator screams &#8216;sell.&#8217; Bitcoin&#8217;s Open Interest (OI) is approaching $1 billion on BitMEX. Historically, whenever the total valuation of unsettled contracts touches the said valuation, bitcoin&#8217;s price in spot markets plunge. In September 2019, for instance, the cryptocurrency underwent a significant sell-off, dropping by up to 26.21 percent when the BitMEX OI reached $1.03 billion. It dipped in a similar manner in August and July 2019, showing a positive correlation between the OI and prices. Breaking Patterns Open Interest indicator works in conjunction with two more technical data: Volume and Price. If all the parameters are going up in tandem, then it means the underlying asset&#8217;s uptrend is strong and bullish, and, therefore, should continue to trend higher, as shown in the table below. In the current scenario, bitcoin&#8217;s price is rising alongside volume and open interest. That shows a great level of engagement from retail investors, driven by a multitude of fundamental factors, including halving, the Coronavirus outbreak, the Federal Reserve&#8217;s expansionary monetary policies, and booming demand for safe-havens against a potential correction in the global equity markets. Angel investor Anondran believes that BitMEX OI is not a strong bitcoin price forecaster. In a tweet published today, the full-time crypto trader noted that the $1 billion price ceiling is more psychological than practical, adding that booming interest in bitcoin futures could send the valuation up towards $1.3-1.5 billion as well. Bitmex OI @ 1 Billion could become a less significant indicator. Bitcoin crashed everytime it hit that mark last year doesn&#39;t mean it&#39;s going to this year. OI only hit 1 Billion @ 14k last year compared to 9k now. Expect 1.3-1.5 Billion in Bitmex this year. &mdash; Anondran (@AnondranCrypto) January 30, 2020 &#8220;High OI literally means that a lot of longs and shorts are being opened, which indicates interest in Futures trading,&#8221; he added. &#8216;The fact that Bitmex has been able to hit this mark despite a ton of new competitors, coupled with dead Spot volumes shows $BTC price is currently priced by Futures.&#8221; Bitcoin&#8217;s Next Moves Bitcoin could undergo an interim bearish correction to the downside to neutralize its overbought scenario. That is visible in the cryptocurrency&#8217;s daily Relative Strength Indicator (RSI), as shown in the chart below. The RSI is reversing from 70, hinting a mild downside in the coming daily session. That could push the price to test the blued 200-daily moving average first. If broken, then the price could test the 50 percent Fib support right below at circa $8,499 for the next pullback. On the other hand, continuation in the uptrend could have traders test the $9,500-10,000 area as the next resistance. If BitMEX OI stabilizes above $1 billion, bitcoin could explode above $10,000.<\/p>\n","protected":false},"author":50,"featured_media":412827,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1558],"class_list":["post-412814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time<\/title>\n<meta name=\"description\" content=\"Experts believe bitcoin&#039;s explosive price rally is about to hit an end as a trend-defining technical indicator screams &#039;sell.&#039; Bitcoin&#039;s Open Interest\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin-open-interest-hitting-1b-could-be-bullish-this-time-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time\" \/>\n<meta property=\"og:description\" content=\"Experts believe bitcoin&#039;s explosive price rally is about to hit an end as a trend-defining technical indicator screams &#039;sell.&#039; 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/ktsl888.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"BitMEX Open Interest Hitting $1B Could Be Bullish for Bitcoin This Time","description":"Experts believe bitcoin's explosive price rally is about to hit an end as a trend-defining technical indicator screams 'sell.' 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