- Bitcoin’s Bullish Sentiments, with futures and options open interest that affects a monthly high.
- Can BTC push again to $ 100,000?
The last day, Bitcoin [BTC] increased by 6.33% to reach a highlight of $ 93,756 at the time of a month.
Investors have shown extreme bullishness in the same period. At the time of writing, the open interest of Put/Call was at 0.59.
Source: Glassnode
The ratio emphasizes Trader sentiment, with 1.7 call contracts for each 1 well contract. This translates in $ 19.3 billion to Call Open Interest, compared to $ 11.5 billion in open interest.
Such a ratio suggests that traders are bullisher than bearish, with calls that position faster than wells.
In addition, the interest rate of $ 28.5 billion increased to $ 30.7 billion, an increase of $ 2.2 billion within a day. This marks the highest level since March, in accordance with the increase in price and futures open interest.
In the meantime, Futures opened interest from $ 36.2 billion to $ 38.6 billion, and won $ 2.4 billion in less than 36 hours.
Source: Glassnode
With strong bullish sentiments, the question is whether the uptrend will continue.
Will the current raised trend of BTC last?
Despite the strong increase in Bitcoin over the past day, Binance investors remain skeptical about its sustainability. Currently, the Binance finance figures have become negative and are at -0.006, despite the upward price momentum.
Since the start of this cycle, such low financing percentages have only been observed twice:
First, on October 16, 2023, when BTC rose from $ 28,000 to $ 73,000. And on September 9, 2024, when BTC gathered from $ 57,000 to $ 108,000.
These historical cases indicate the potential for significant price movements under similar circumstances.
Source: Cryptuquant
This shows that when the financing percentage on Binance drops at such levels, prices tend to rise as investors who fail to the market suffer from a short squeeze. As market prices rise, shorts rush to close their positions, so that the pressure is purchased, which ultimately leads to a rally.
That is why, according to the analysis of Ambcrypto, the current rally will continue because it is supported by a massive demand.
Source: Cryptuquant
To start with, looking at Exchange Netflow, it has remained negative in the past day and a weekly low of -9.1k got on the past day and -1.3k on daily timetables.
Such a decline reflects strong accumulation, with exchange outflows that exceed the inflow. As such, there are more buyers on the market than sellers, which indicates strong bullish sentiments.
Source: Cryptuquant
Short -term holders (STHS) are now back in win, with their realized price for $ 91k, while BTC is traded above $ 93k. The STH SOPR has exceeded 1, indicating profitability and reducing the chances of a panic sale.
While STHs realize that profit and holders remain stable in the long term (LTHs), the market shows the power for further growth. If the current circumstances persist, BTC can win back $ 96k, making the stage set for an attempt to $ 100k.
However, if STHS decides to sell under water after a month, BTC can correct and go back to $ 87K.