Bitcoin

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-market-momentum-will-the-top-3-losing-altcoins-rebound/" data-wpel-link="internal">Bitcoin’s Market Momentum: Will the Top 3 Losing Altcoins Rebound?</a> 
<a href="https://coin-turk.com/bu-hafta-en-cok-kaybeden-3-altcoin-analizi-yeniden-yukselecekler-mi" data-wpel-link="internal">Bitcoin</a>‘s price has soared past the $54,000 mark while the derivatives market continues to show signs of a bullish trend. <a href="https://en.coin-turk.com/surprising-bitcoin-price-drop-and-market-analysis/" data-wpel-link="internal">Bitcoin</a> has attracted worldwide attention with a more than 19% increase since the beginning of the year, thanks to relentless inflows into the newly launched Bitcoin spot exchange-traded funds in mid-January. It’s also fair to say that expectations of the likely halving event in April are contributing to this trend. 
<h2 style="text-align: justify" id="what-do-the-bitcoin-charts-indicate">What Do the Bitcoin Charts Indicate?</h2> 
According to data provided by CoinGlass, Open Interest for Bitcoin futures contracts across all cryptocurrency exchanges is around $22 billion, a level not seen since the last bull market peak in November 2021, similar to the recent $54,000 price surge. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-319818" src="https://coin-turk.com/wp-content/uploads/2024/02/oi-bitcoin-coin-turk-com.jpg" alt="" width="712" height="348"> 
Briefly discussing Bitcoin futures contracts, they allow investors to buy or sell <a href="https://en.coin-turk.com/contrary-predictions-for-bitcoin-anticipated-downward-movement-and-potential-bull-trap/" data-wpel-link="internal">BTC</a> at a predetermined price on a specific date. Open Interest is a reflection of the total number of outstanding futures contracts held by market participants. 
High Open Interest indicates that more investors are trading contracts, reflecting increased demand for the underlying BTC. Le Shi, the trading manager at market maker Auros, states: 
<blockquote> 
 Open interest can serve as a valuable metric for assessing short-term bullish sentiment. 
</blockquote> 
<h2 style="text-align: justify" id="analysts-weigh-in-on-bitcoin">Analysts Weigh in on Bitcoin</h2> 
Similarly, perpetual contracts, which have a structure similar to futures contracts but without an expiration date, have seen their positive funding rates reach a peak not seen for over a month. 
Looking at CoinGlass data, rates for perpetual contracts on major exchanges like <a href="https://en.coin-turk.com/why-is-powr-coin-rising-5/" data-wpel-link="internal">Binance</a>, Bybit, and BitMex have reached levels not seen since January 21. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-319820" src="https://coin-turk.com/wp-content/uploads/2024/02/bitcoin-alt-shi-coin-turk-com.jpg" alt="" width="722" height="187"> 
To discuss what the funding rate is, it’s the periodic payments made by traders based on the difference between the prices of perpetual contracts and the spot price of BTC or another cryptocurrency. A high funding rate generally indicates significant demand for long positions in the market. 
Shi adds: 
<blockquote> 
 As demand for exposure increases, funding rates tend to adjust accordingly, which is particularly evident in the industry’s sensitivity to sentiment changes. 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoins-market-momentum-will-the-top-3-losing-altcoins-rebound/" data-wpel-link="internal">Bitcoin’s Market Momentum: Will the Top 3 Losing Altcoins Rebound?</a></h5>

Bitcoin’s Market Momentum: Will the Top 3 Losing Altcoins Rebound?

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