Bitcoin ETF

Bitcoin

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s open contracts are higher than in 2021, indicating potential for price growth.</li>
 <li>The estimated leverage ratio across exchanges has reached a new yearly high, suggesting an increase in risk-taking by Bitcoin traders.</li>
</ul>
<h2 id="bitcoin-market-recovers-from-dip">Bitcoin Market Recovers from Dip</h2>
<p>The <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> and wider crypto market are showing signs of recovery after a five-month dip that followed the March cycle end.<br> Despite the perceived lower interest in the overall crypto market compared to previous cycles, current prices are similar to those seen in 2021, a year that saw a significant dip before a surge.</p>
<p>The number of open contracts for BTC is notably higher than in 2021, suggesting a potential for price growth if market conditions improve.</p>
<h2 id="bitcoin-cme-price-action-and-leverage-ratio">Bitcoin CME Price Action and Leverage Ratio</h2>
<p>Bitcoin’s price action on the Chicago Mercantile Exchange (CME) is crucial to monitor, especially in the current Bitcoin ETF era. These ETFs track the price of BTC on the CME, rather than spot Bitcoin.<br> The CME chart currently shows BTC in a descending broadening wedge pattern, a bullish indicator, and Bitcoin has reclaimed its 200-day simple moving average, a key signal of market strength.</p>
<p>Furthermore, the estimated leverage ratio across crypto exchanges has reached a new yearly high, according to data from CryptoQuant. This suggests that Bitcoin traders are increasingly willing to take on more risk, which could be a bullish signal.</p>
<h2 id="bitcoin-average-returns-and-whale-activity">Bitcoin Average Returns and Whale Activity</h2>
<p>Historical data indicates that August and September are typically the weakest months for Bitcoin in terms of returns. However, traders who can endure these months may look forward to better returns in the following months, based on past performance.<br> On the other hand, BTC whales are beginning to take profits. This was evidenced when a whale deposited 119 BTC, worth $7.14 million, to <a href="https://coineagle.com/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> for profit-taking.</p>
<p>Despite this, the long-term outlook for Bitcoin remains positive as major industry players continue to support the cryptocurrency.</p>

Anticipated Bitcoin Surge in October Following September’s Decline: Why It Will Happen

Table of Contents

CoinEagle.com

Other articles published on Sep 15, 2024

Trust Wallet CEO Highlights Wallet Challenges

Top 3 AI Tokens to Watch Out This Week for Potential Gains: NEAR, TAO, and RENDER in Focus

Blockchain investigator ZachXBT accuses USDC issuer Circle of ‘profiting’ North Korea hackers' group

Investors Anticipate Critical Developments in Cryptocurrency Market

BREAKING: Surprise Weekend Listing from Binance Futures – Here is That Altcoin

BlackRock And Bitcoin ETFs Saved BTC Price, Bloomberg Analyst Claims

Join our free newsletter for daily crypto updates!