Data from Bakkt and technical analysis Bitcoin bull market confirm
The data analysis company, for crypto currency, derivatives, Skew, recently reported that the total volume of the ICE-supported Bakkt Bitcoin Futures contracts has reached $ 13 million, a new all-time high. The Open Interest represents the total open positions held by market participants on the exchange.
Bakkt’s BTC Futures Open Interest reaches a new all-time high. pic.twitter.com/9ve3pdqCtT
— skew (@skewdotcom) February 6, 2020
Typically, the Open Interest is an indicator for the market sentiment and for determining the strength of the prevailing trend of the underlying asset – in this case, Bitcoin is considered. There is a rise in the Open Interest reflects the capital flow in the market, could be the market sentiment for the investors in the Bakkt stock market is more optimistic than ever. Although the volume of BTC Futures on the CME exchange reported after January, a slight decrease, it seems to run through 2020 overall, a rising Trend. Also, Bitcoin experienced a recent uptrend on the 9700 USD brand, and the world’s largest crypto-currency has gone through in recent weeks of an upward trend.
Wednesday’s Bakkt Bitcoin Monthly Futures:
📈 – Traded contracts: 1933 ($18.88 million, +32%)
🚀 All time high: 6601 (12/18/2019)
💰 Open interest: $12.94 million (+11%)Trade while you sleep and take your emotion out of the equation: https://t.co/W8ClGYnuNn pic.twitter.com/5WRt9A2cM0
— Bakkt Volume Bot (@BakktBot) February 6, 2020
The Bakkt Volume Bot on Twitter showed that the volume in the stock market, has increased its monthly Bitcoin Futures since the beginning of the year steadily. Since both the volume and the Open Interest has risen, this could be a sign of a bull market. Since the end of September last year, could not move Bitcoin over the $ 10,000 mark. Towards the end of last year Bitcoin fell to $ 6,500.
In 2020 Bitcoin and other crypto currencies, however, get a new impetus. Since the beginning of the year, Bitcoin has risen by almost 42%, with the Altcoins have experienced significant gains. The rising volume trend of Bakkt and the Open Interest, coupled with the positive price action of BTC in the last few weeks, could be a strong indication of a forthcoming push over the 10,000 Dollar mark.
Technical analysis also looks for signs of a bull market
Those bears, the wanted, the price of Bitcoin (BTC) falls below the 9,000 Dollar mark, will not get their desire fulfilled. According to the dealer, Josh Rager, there has been an “official” trend. Bitcoin has already recorded a series of higher highs and lower lows on the daily Chart, as the recognized Chart Analyst, said:
For you, you deny $BTC, the Trend has changed officially, many don’t seem to understand still. I made a chart to show you what it looks like, if there is a Trend to higher and lower heights and Depths of changes.
It is a simple concept. BTC castle, even above a key level at 9.550 Dollar
For you $BTC bears in denial, the trend has officially changed & many still don’t seem to understand that
I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows
It’s a simple concept
BTC even closed above a key level at $9550 pic.twitter.com/FFvHaTHdTa
— Josh Rager 📈 (@Josh_Rager) February 6, 2020
On 4. February the price of Bitcoin (BTC) fell at the Bitstamp exchange on up to 9.062 dollars. As the bears took the control back, it looked like a more “China-pump”. The following day made a significant difference for the bulls. A couple of strong green candles put BTC back on the driver’s seat and allowed it to reach a new high for the year of 9.777 dollars. Dealer Jacob Canfield says that the Flip of 9,100 dollars “was a big thing” for BTC, as this level served as support for the large descending triangle that finally broke in September:
The 9100-Dollar Flip was a big deal for #bitcoin. Former support of the “descending triangle” and the China-pump.
The RSI is forming an ascending triangle, with a clear upward trend channel on the daily Chart.
Zoom out and keep it simple.
The $9100 flip what is a big deal for #bitcoin. Former support of the ‘descending triangle’ and the China pump.
Ascending triangle forming on RSI with a clear up trend channel on the daily. pic.twitter.com/h2ZTXdT8uR
— Jacob Canfield (@Jacob Canfield) February 5, 2020
Featured Image: Kjetil Kolbjornsrud | Shutterstock
