Bitcoin

Spot

James

Coin

<ul class="news-points"> 
 <li><strong>Bitcoin’s Open Interest decreased, giving rise to spot accumulation which could trigger another rally.</strong></li> 
 <li><strong>BTC may retrace below $44,000 but with a recovery in the MFI, the coin can inch towards $45,000.</strong></li> 
 <li><strong>Traders are unbothered about the sideways price action and hold positions projecting a price increase.</strong></li> 
</ul> 
<p>James Van Straten, a data analyst, posted that <a href="https://coinedition.com/bitcoin-price-shocker-130k-cycle-peak-confirmed-experts-agree/">Bitcoin’s (BTC)</a> price increase was because Open Interest had decreased and spot accumulation had been increasing. To arrive at this inference,&nbsp; Van Straten compared Bitcoin’s Open Interest around October to the state of the indicator on December 8.</p> 
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   <p lang="en" dir="ltr">Another reason why this <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> rally has legs is open interest has continued to drop for the past 7 days. Sign of spot accumulation. <br><br>Similar levels of OI as October when the price was $26,000. <a href="https://t.co/YMsL7HrAQ4" target="_blank" rel="nofollow">https://t.co/YMsL7HrAQ4</a> <a href="https://t.co/mrTzfVaUX6" target="_blank" rel="nofollow">pic.twitter.com/mrTzfVaUX6</a></p>— James Van Straten (@jimmyvs24) <a href="https://twitter.com/jimmyvs24/status/1733244329815073046?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 8, 2023</a>
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<h2 class="wp-block-heading" id="h-uptrend-becomes-weak"><strong>Uptrend Becomes Weak</strong></h2> 
<p>According to Coin Edition’s observation, the drop in Open Interest and rise in spot accumulation was one of the reasons Bitcoin rose above $33,000 around that time. Now, this decrease in Open Interest suggests that traders are closing contracts l…</p>
<p>The post <a href="https://coinedition.com/bitcoin-spot-volume-not-derivatives-is-responsible-for-btcs-hike/">Bitcoin: Spot Volume Not Derivatives Is Responsible for BTC’s Hike</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

Bitcoin: Spot Volume Not Derivatives Is Responsible for BTC’s Hike

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