Bitcoin

Convergence

Billion

Trillion

Divergence

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Bitcoin (BTC) witnessed a spike in open interest – a surge of almost 2.02 billion.</a> </li> 
 <li> <span>2</span> <a>BTC broke the $70,000 level in the recent trading session heading in the upward direction. </a> </li> 
</ul>  
<p><strong>Bitcoin </strong>open interest surged to the level of $2.02 Billion in last three days. Traders and analysts are highlighting potential volatility with an open interest surge.</p> 
<p>A famous crypto trader ‘Daan Crypto Trades’ highlighted in his X post that <strong>Bitcoin </strong>open interest is increasing and reached 2.2 billion which is ~12% of total open interest.</p> 
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Quite the run up in Open Interest over the past 3 days.<br><br>A +$2.2B increase which is about ~12% of total open interest.<br><br>Price went up +5.5% during this time so there's definitely a lot of additional positioning going on as price tries to move higher.<br><br>Volatility likely. <a href="https://t.co/YuJN24TwAW">pic.twitter.com/YuJN24TwAW</a></p>— Daan Crypto Trades (@DaanCrypto) <a href="https://twitter.com/DaanCrypto/status/1798354840135082438?ref_src=twsrc%5Etfw">June 5, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
<p>Moreover, Daan added “Price went up +5.5% during this time so there’s definitely a lot of additional positioning going on as price tries to move higher.” However, by this OI surge various traders and analyst are speculating volatility in the market.</p> 
<h2 class="wp-block-heading" id="strong-bitcoin-crypto-social-dominance-social-volume-surge-again-strong"><strong>Bitcoin Crypto Social Dominance &amp; Social Volume Surge Again</strong></h2> 
<p>The <strong>social dominance &amp; social volume</strong> metrics have been inclined in the last few sessions, which means the discussions, posts and mentions on social media sites like X, Instagram, and Telegram have inclined.</p> <iframe loading="lazy" title="Santiment Chart: Positive sentiment (Total) (BTC), Negative sentiment (Total) (BTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-03-10T00%3A00%3A00.000Z&amp;dt=2024-06-04T18%3A29%3A59.096Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_positive_total%3Bsentiment_negative_total&amp;wax=0%3B1&amp;wc=%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>If social dominance and social volume metrics surge, it may affect the Bitcoin price positively.</p> 
<h3 class="wp-block-heading" id="strong-bitcoin-price-broke-70k-level-is-74k-next-strong"><strong>Bitcoin Price Broke 70K level; Is 74K Next?</strong></h3> 
<p>On the daily technical chart <strong><a href="https://www.thecoinrepublic.com/2024/05/31/bitcoin-price-mimicking-2020-cycle-potential-btc-surge-ahead/" target="_blank" rel="noreferrer noopener">Bitcoin price</a></strong> has been on the rise over the last few days, showcasing bullishness. The price rose by almost 5.06% this week and broke the $70,000 Level.</p> 
<p>At the time of writing, <strong>Bitcoin </strong>is trading at the level of $70,977 with a minor intraday loss of 0.20%. At press time, its market cap stands at the level of $1.40 Trillion with a 24 hour trading volume is 27.31 billion.</p> 
<p>This year <strong>BTC </strong>gave an outstanding performance with a year-to-date return of 67.99% and 60.57% return in the last 6 months. However, the king crypto is consolidating.&nbsp;</p> 
<p>If BTC breaks the consolidation phase and surpasses the range of $71,000 to $74,000 it could reach the upper levels in the upcoming sessions.</p> 
<h3 class="wp-block-heading" id="strong-decoding-indicators-of-the-bitcoin-strong"><strong>Decoding Indicators of the Bitcoin</strong></h3> 
<p><strong>Bitcoin </strong>is trading above the key moving averages of 20, 50, 100 and 200-Day&nbsp; showcasing the overall trend is bullish. The RSI curve is trading in the bullish zone. The RSI curve is at 61.98 and 14 SMA line 56.90 suggesting the BTC is bullish.</p> 
<p>Moving Average Convergence Divergence (MACD) is trading above in the bullish zone and gave a bullish crossover suggesting bullishness.</p> 
<p>As per the technical indicator summary of TradingView, out of 26 indicators, 4 are on the sell side, 8 are on the neutral side and 14 are on the buy side which shows that the indicators are suggesting&nbsp; buying signals and indicating a optimistics outlook for the BTC price.</p> 
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3> 
<p>Crypto trader named as Daan Crypto Trades revealed on its X post that open interest surged almost $2.02 billion, increasing traders’ and investors’ concerns. Moreover, the indicators and social metrics are pointing to a potential rise.</p> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Bitcoin Open Interest Surge; Igniting The Traders Concerns

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Thecoinrepublic.com

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