Bitcoin

November seems set to extend October’s bullish momentum, with <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin’s price</a> initiating the month on a strong upward trajectory. Recently, Bitcoin took a confident jump to test the $35K threshold and even soared past it, touching a high at just over $36K. But even as open interest climbs and the market becomes stable, there’s an increasing concern about the possibility of a liquidation.<h2 id="header-0">A Significant Liquidation Is Yet To Take Place</h2>Since Bitcoin’s price jumped to $35,000, things in the market have been quite calm, with trading sentiment not making any dramatic changes. Right now, Bitcoin’s price is hovering in a narrow zone between $35K-$36K, and it’s not clear what it will do next. Traders are looking for some signs to figure out where things are headed. <a href="https://x.com/cryptoquant_com/status/1719980813767618999?s&#61;20" rel="noopener noreferrer nofollow">According to CryptoQuant</a>, more and more people are getting into Bitcoin futures and options as the Open Interest metric shows no sign of slowing down.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c9f53cc4d33e400e949dd1eeae35b936.png" />Open Interest shows how many future and option contracts are opened in the market. It shows that traders are taking risks, and hoping they’ll make some good money. Also, a lot of traders seem to think prices will keep going up because they’re willing to pay a little extra to keep their trades open, which is what those positive funding rates are all about.Even though the market is getting ready for prices to move a lot, there has not been any big sell-offs or buy-ins just yet. The market isn’t bouncing around too much at the moment. However, this quiet can’t last forever. If things start moving fast again, we might see a lot of sudden buying or selling, which could shake things up for everyone who’s invested.<h2 id="header-1">BTC Price Prepares For A $40K Breakout</h2>Historically, the market has seen an uptick in the final quarter of the year. November, in particular, tends to follow October’s lead, generally sustaining the pace, with the notable exception of <a href="https://blockchainreporter.net/the-ftx-collapse-what-no-one-is-telling-you/" rel="noopener noreferrer nofollow">last year’s FTX crash</a> that bucked the trend. On the whole, it wouldn’t be surprising to see Bitcoin’s value climb by an additional 10% in November, pushing it in the direction of $37,500. Such a move might even set the stage for Bitcoin to cross the $40,000 threshold within the month.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5997352072524a3ba753ed4729f67bdc.png" />Information sourced from IntoTheBlock indicates that Bitcoin has been seeing more outflows than inflows over the past week, with reserves on exchanges dropping. This pattern typically hints at a bright future for the market since a decrease in exchange reserves often means that more investors are holding onto their Bitcoin rather than selling it.This kind of movement is usually read as a sign that investors are in a phase of accumulating more Bitcoin, which often precedes an increase in its price. Therefore, the current scenario may be painting a ‘bullish’ picture for Bitcoin’s trend in November. Currently, the netflow stands at a substantial 2100 BTC, underscoring a rising interest from investors.Federal Reserve Chair Jerome Powell’s recent comments suggested a softening stance on rate hikes, acknowledging the already significant tightening of monetary policy. Markets interpreted this as a potential pause in rate hikes, with chances of cuts by mid-2024.In response, traders are moving away from the dollar and into riskier assets, which has given a boost to cryptocurrencies.As a result, Bitcoin has surged past the $35,000 mark, a notable recovery from its previous dip to $15,000 late last year, following a series of collapses within the crypto space, including the notable FTX bankruptcy.

Crypto Market Stabilizes Following Bitcoin’s Surge Above $35K with Rising Open Interest, Creating Concerns of Liquidation

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