As a researcher with extensive experience in the cryptocurrency market, I’m closely monitoring Bitcoin’s (BTC) current position around $71,000. The latest technical analysis from reputable sources like 10x Research indicates a potential surge towards $83,000 due to bullish price patterns on the daily chart. These predictions are further validated by the recent all-time high in open interest for Bitcoin-tracked futures, surpassing $37.7 billion.
Bitcoin, the most prominent cryptocurrency globally, has been steadfastly clinging to the $71,000 mark for some time now. Certain on-chain signals are suggesting a possible price jump in the near future. The upcoming Federal Reserve meeting next week is currently under intense scrutiny as several European and Canadian central banks have recently decided to lower interest rates.
According to the newest findings from 10x Research, Bitcoin’s (BTC) value may reach an astounding $83,000 if it follows a bullish trend based on its daily chart. A price increase above the $72,000 mark would serve as confirmation of a breakout from an inverted head-and-shoulders pattern. This technical formation is characterized by three distinct price dips, with the middle one being the most prominent.
Courtesy: 10x Research
Markus Thielen, the founder of 10x Research, stated in a recent update that it’s only a question of when bitcoin will reach a new peak price. According to the head-and-shoulders chart pattern, a surge towards $83,000 is imminent, and the resistance level may be breached as soon as June 7 (Friday) or June 12 (Wednesday).
Bitcoin Derivates Data
As a crypto investor, I’m thrilled to witness a new record being set in the Bitcoin (BTC) market. The open interest in BTC-linked futures has reached an unprecedented level, exceeding $37.7 billion on Thursday night. This milestone surpasses the previous high of around $37 billion, which was observed during mid-March, coinciding with Bitcoin’s new peak price at $73,700.
Based on information from CoinGlass, approximately $5 billion in new open interest has been recorded since Monday. Concurrently, Bitcoin prices have risen from roughly $68,500 to $71,000. Among the major contributors to this record-breaking open interest, the Chicago Mercantile Exchange (CME) holds the leading position with wagers amounting to $11 billion. Binance comes in second place with $8 billion in bets.
A significant difference between the number of traders buying and selling Bitcoins suggests that most traders are optimistic about its price trend, believing it will continue to rise.
BTC Options Expiry
The June 7th Options Data report from Greeks.Live disclosed key insights. Approximately 18,000 Bitcoin options reached their expiration date. Among these, put options outnumbered call options with a ratio of 0.67. The maximum pain point was identified at $70,000, and the total notional value amounted to a substantial $1.25 billion.
At present, the implied volatility for Bitcoin’s long-term contract is approximately 50%, while Ethereum‘s long-term implied volatility is around 55%. Both have dropped to more moderate figures.
Moving forward, the likelihood of this month’s Bitcoin market behavior will closely mirror major news events, specifically any decisions made by the Federal Reserve concerning interest rates.
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2024-06-07 16:27