Bitcoin’s (BTC) price rose toward the $26,800 territory on Friday, as markets reacted positively to the Consumer Price Index (CPI) data published on Sept 13. On-chain analysis examines if the bulls can sustain the price rally and push for $30,000.
Investors often shift capital from the markets when an asset’s price declines. However, a contrarian trend has emerged over the past two weeks in the Bitcoin derivatives markets.
Speculative Traders Have Pumped in $650 Million into the Bitcoin Derivatives Markets
Between September 1 and September 15, BTC’s Open Interest price has increased by $640 million. Meanwhile, the chart below depicts that before the CPI data published on September 13, the BTC price had declined by up to 8% since losing $27,100 support on August 31.
Open Interest sums up the total value of active derivatives contracts for an asset. An uptrend in Open Interest is a bullish signal, indicating that traders are increasing their capital inflows.
Hence, this growing demand and investor participation in the Bitcoin market could potentially propel BTC into a prolonged price rally.
Author: Ibrahim Ajibade
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
Related Posts ...
Comments are disabled.