Bitcoin

<p>The world of crypto is catching its breath: Bitcoin (BTC) has surged to $27,400, marking a 10% increase over the past week. Additionally, the open interest on BTC also saw a 10% rise in just 3 hours yesterday. However, this situation is evoking familiar sentiments among investors, reminiscent of the temporary surge on August 29th, following Grayscale’s victory over the SEC. Are we witnessing a similar scenario?</p> 
<h2 id="h-bitcoin-s-open-interest-increases-by-10">Bitcoin’s open interest increases by 10%</h2> 
<p>On September 18, 2023, the price of Bitcoin (BTC) once again surpassed the $27,400 mark. This push represents a 3.4% increase for the day and a 5% rise for the month of September.</p> 
<div class="my-4"> 
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <div class="entry-content-asset"> 
   <div class="social-embed-container"> 
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
     <p lang="en" dir="ltr">Open interest up over 10% in 3 hours<br><br>What is going on lol <a href="https://t.co/NqFt1Bs1JB" rel="noopener noreferrer nofollow">pic.twitter.com/NqFt1Bs1JB</a></p>— Will Clemente (@WClementeIII) <a href="https://twitter.com/WClementeIII/status/1703749092923310516?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 18, 2023</a> 
    </blockquote> 
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
   </div> 
  </div> 
 </div> 
</figure> 
<p>This surge is sparking enthusiasm within the crypto community, as open interest in Bitcoin surged by 10% in just three hours yesterday.</p> 
<p>According to the Coinglass chart data below, the total number of outstanding futures contracts for BTC on September 18 even exceeds that of August 30th.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="437" src="https://www.cointribune.com/app/uploads/2023/09/bitcoin-interet-ouvert-1024x437.jpg" alt="Bitcoin" class="wp-image-635613" srcset="https://www.cointribune.com/app/uploads/2023/09/bitcoin-interet-ouvert-1024x437.jpg 1024w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-interet-ouvert-300x128.jpg 300w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-interet-ouvert-768x328.jpg 768w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-interet-ouvert.jpg 1433w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption"> <em>Exchange BTC Futures Open Interest (USD) – Source : <a href="https://www.coinglass.com/pro/futures/OpenInterest" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a></em> 
 </figcaption> 
</figure> 
<p>It is worth noting that this increase in open interest had a negative impact on the price of Bitcoin towards the end of August. Indeed, it is clear that the BTCUSD pair decreased in value starting from August 30th. This effectively nullified the 8% gains recorded following Grayscale’s decisive victory over the SEC.</p> 
<p>This observation might suggest that a simple increase in Bitcoin’s open interest is not enough to trigger a bull run. However, the outcome of the FOMC meeting on Thursday could change the situation.</p>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"3M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"3M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright"> <a href="https://fr.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSDT chart</span></a> by TradingView 
 </div> 
</div>  
<h2 id="optimistic-predictions">Optimistic Predictions?</h2> 
<p>Several crypto traders have shared their outlook on Bitcoin’s price movement in the current context.</p> 
<p>According to <a href="https://twitter.com/DaanCrypto/status/1703736166418100644" target="_blank" rel="noopener noreferrer nofollow">crypto trader Daan</a>, this increase in open interest could become problematic if immediate buying offers vanish. If that happens, it could lead to a complete retracement similar to what occurred before (on August 30th).</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="544" src="https://www.cointribune.com/app/uploads/2023/09/bitcoin-1024x544.jpg" alt="Michaël van de Poppe on X (Twitter)" class="wp-image-635616" srcset="https://www.cointribune.com/app/uploads/2023/09/bitcoin-1024x544.jpg 1024w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-300x159.jpg 300w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-768x408.jpg 768w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-1536x816.jpg 1536w, https://www.cointribune.com/app/uploads/2023/09/bitcoin.jpg 1633w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption"> <em>Michaël van de Poppe on X (Twitter)</em> 
 </figcaption> 
</figure> 
<p>Furthermore, in the latest update of his analysis, <a href="https://twitter.com/MI_Algos/status/1703767795152932885" target="_blank" rel="noopener noreferrer nofollow">Michaël Van de Poppe</a> believes that the price of Bitcoin could make back-and-forth movements within the range between key moving averages and the support at $24,756.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="631" src="https://www.cointribune.com/app/uploads/2023/09/bitcoin-dxy-1024x631.jpg" alt="James V. Straten on X (Twitter)" class="wp-image-635619" srcset="https://www.cointribune.com/app/uploads/2023/09/bitcoin-dxy-1024x631.jpg 1024w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-dxy-300x185.jpg 300w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-dxy-768x473.jpg 768w, https://www.cointribune.com/app/uploads/2023/09/bitcoin-dxy.jpg 1377w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption"> <em>James V. Straten on X (Twitter)</em> 
 </figcaption> 
</figure> 
<p>On the other hand, <a href="https://twitter.com/jimmyvs24/status/1703717811711864934" target="_blank" rel="noopener noreferrer nofollow">James V. Straten</a> conducted an analysis of Bitcoin in relation to the Dollar Index (DXY) itself. In his analysis, the DXY has continued to strengthen over the past 24 hours, while BTC shows no signs of weakening. This divergence could be considered a bullish signal for Bitcoin, given its negative correlation with the <a href="https://www.cointribune.com/en/les-brics-seloignent-des-bons-du-tresor-americain-pour-affaiblir-le-dollar-2/" target="_blank" rel="noopener noreferrer nofollow">dollar</a>.</p> 
<div class="my-4"> 
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div> 
<p>Finally, RektCapital believes that the bullish signal for <a href="https://www.cointribune.com/en/peut-on-vraiment-faire-confiance-au-bitcoin-2/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> would be the monthly close above $26,984.</p>

Bitcoin (BTC) Breaks Through $27,400: Open Interest Boom!

Table of Contents

Cointribune EN

Other articles published on Sep 20, 2023

Crypto’s Transformative Impact on the Gambling Industry Through Partnerships and Opportunities

Crypto Expo Dubai 2023 Unveils Premier Sponsors and Stellar Speaker Lineup

SHIB’s Price Benefits From Growing Shibarium Metrics

Stanford University to return millions received from FTX

SBF’s father was unhappy with $200k salary at FTX

Walmart Planning Expanded Retail Strategy for Metaverse

Join our free newsletter for daily crypto updates!