Bulls statistically likely to gain control of Bitcoin price next trend because open interest grown significantly
After consolidating from $ 9,100 to $ 9,300, Bitcoin price begins to show some signs of life as its price soars past $ 9,400. The uptrend is taking place after the Bitcoin trading volume decreases due to the uptrend seen among many altcoins. This latest increase may temporarily change the trend of cryptocurrencies.
The open interest has grown significantly during the consolidation phase, how’s about Bitcoin price?
Bitcoin is currently showing some signs of strength as it exits long-held trading range and begins testing previously established resistance levels. This is the first noticeable move that the cryptocurrency has seen in more than a week, but it doesn’t have any impact on its macro trends.
Until BTC decided to break above $ 10,000 or below $ 9,000, it remained held within the long-held held trading range that guided its price action for the past few months.
Ay press time, Bitcoin is trading an increase of about 3% with the current price of $ 9,353. Although this increase marked the end of the extremely tight trading range between $ 9,100 and $ 9,300, it did not change Bitcoin’s macro trend when caught in the consolidation channel. Significant levels must be broken for the medium-term trend to be formed between $ 9,000 and $ 10,000.
Perhaps BTC will soon break below the lower boundary of this range.
According to trader ThinkingUSD, Bitcoin is likely to skyrocket from $ 9,350 to $ 9,500 before losing momentum. And maybe we should increase the long-term short positions during this rally.
He stated:
“Probably a nice pop up incoming to 9350-9500 where swelling is looking for shorts. Seems pretty bullish on LTF here.”
ThinkingUSD Chart | Source: TradingView
One trend that could influence the next significant movement in Bitcoin’s rocketing open interest. The analyst Byzantine General believes that this will make Bitcoin’s next clear trend unstoppable, with BTC steamrolling in one direction with little to no pullbacks.
He stated:
“BTC open interest making new highs again. When this range finally breaks, I expect the price just to keep steamrolling with little to no pullbacks.”
Source: Coinalyze
Despite seeing some momentum today, it remains unclear as to when Bitcoin’s multi-month bout of sideways trading will come to an end.
You can also check Bitcoin Price here.
Read more:
- This Recent Drop In Premium To Multi-Year Lows Suggests Bitcoin Price Will Soon Enter A Bull Run
- Bitcoin Price Could Surge As S&P 500 Sets New Local Highs