Saturday, November 28, 2020
coincasso bitcoin exchange banner
Home Crypto News-old TOP 3 reasons why Bitcoin may enter an upward trend

TOP 3 reasons why Bitcoin may enter an upward trend

Data confirms the bullish nature of investors’ actions. 3 factors worthy of your attention that can cause Bitcoin bullish trend.

The positive attitude of investors 

The $1.1 billion Tether and Bitcoin options scheduled for expiry this Friday (26 June) attract a large number of investors. This day is also expected to be the last trading day for many other weekly and monthly BTC futures contracts with a total value of over $660 million.

The pump from 22 June raising Bitcoin’s price to 9,700 dollars could already be a forecast of the upcoming trend. Long-term futures have been preserved in a similar way, confirming the good mood of Bitcoin.

At present, both Binance and OKEx, some of the biggest stock exchanges, display similarly positive data, which only indicate that the bullish nature of investments prevails among investors.

Bitcoin futures open interest chart skew

The chart above shows the increased interest in future Bitcoin futures. The largest value of over 900 million dollars is represented by OKEx.

Bonus for long-term futures

The data from Skew’s analyst company shows us that the bonus for 3-month futures contracts has been steadily increasing in recent months. This market situation called contango is undoubtedly an indicator of Bitcoin’s upward trend, as sellers are demanding more money to postpone settlement.

Bitcoin futures annualized rolling

This is quite the opposite of the situation that occurred in mid-April, when Bitcoin failed to overcome the $7,500 resistance level and returned to a price of $6,800, causing temporary bearish sentiment among investors. 

Number of open contracts after the closing of the exchange

The futures contracts expiring this Friday total about $660 million. According to the Skew chart, the open contracts were built in April and May, while the average price during that period was $8,300. 

Most buyers feel comfortable at $9,400 and can, therefore, use the profits to further increase prices, so Bitcoin can be bullish after Friday’s closing of the futures.

Bitcoin futures open interest chart skew 3 months

Investors position ratio

Some exchanges provide useful information such as the ratio of short to long positions, measuring the highest positions of exchange users. Binance in this case shows information from the last 30 days showing increases in this index among the best clients.

Bitcoin long & short position ratio

According to the data of the world’s largest crypto exchange Binance, the most active investors have a 15% skewed ratio towards long positions, which is definitely a factor that is conducive to further growth of Bitcoin.

Summary 

Market factors indicate that Bitcoin is about to become bullshit and move to higher levels. Overcoming the $10,000 level of resistance is possible, and after that increases seem to be much easier. There is still time to change the mood of the market, but it is safe to assume that most professional traders will accept neutral or positive price fluctuations in the coming days.

Investors bullish character

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Sidebar Widget
USD
EUR
PLN
RUB
bitcoinBitcoin (BTC)
$ 17,363.92
ethereumEthereum (ETH)
$ 527.36
tetherTether (USDT)
$ 1.00
rippleXRP (XRP)
$ 0.576510
bitcoin-cashBitcoin Cash (BCH)
$ 274.17
litecoinLitecoin (LTC)
$ 72.16
tronTRON (TRX)
$ 0.030085
moneroMonero (XMR)
$ 123.53
dashDash (DASH)
$ 104.83
eosEOS (EOS)
$ 2.99
dogecoinDogecoin (DOGE)
$ 0.003408
bitcoinBitcoin (BTC)
14.584,56
ethereumEthereum (ETH)
442,95
tetherTether (USDT)
0,839935
rippleXRP (XRP)
0,484231
bitcoin-cashBitcoin Cash (BCH)
230,28
litecoinLitecoin (LTC)
60,61
tronTRON (TRX)
0,025269
moneroMonero (XMR)
103,76
dashDash (DASH)
88,05
eosEOS (EOS)
2,51
dogecoinDogecoin (DOGE)
0,002862
bitcoinBitcoin (BTC)
65,265.07
ethereumEthereum (ETH)
1,982.17
tetherTether (USDT)
3.76
rippleXRP (XRP)
2.17
bitcoin-cashBitcoin Cash (BCH)
1,030.51
litecoinLitecoin (LTC)
271.22
tronTRON (TRX)
0.113079
moneroMonero (XMR)
464.31
dashDash (DASH)
394.02
eosEOS (EOS)
11.24
dogecoinDogecoin (DOGE)
0.012810
bitcoinBitcoin (BTC)
1,313,939.95
ethereumEthereum (ETH)
39,905.70
tetherTether (USDT)
75.67
rippleXRP (XRP)
43.62
bitcoin-cashBitcoin Cash (BCH)
20,746.64
litecoinLitecoin (LTC)
5,460.40
tronTRON (TRX)
2.28
moneroMonero (XMR)
9,347.60
dashDash (DASH)
7,932.56
eosEOS (EOS)
226.26
dogecoinDogecoin (DOGE)
0.257886
Sidebar Post
coincasso bitcoin exchange banner

Latest News

CBDC becoming more and more popular

More and more countries are planning and developing the emission of their own crypto. Lithuania announces the launch of its CBDC in July, while...

Bitcoin versus gold, what is a better investment?

Since the global COVID-19 pandemic, people have been looking for an alternative to keeping their savings in their domestic currencies. Some of them choose...

The Medical University of California forced to pay the ransom

Hackers hacked into Medical University computers and demanded a ransom for unlocking the data. After not very fruitful negotiations, the hackers received 116.4 BTC. A...

Blockchain e-voting system was attacked

Bitfury working for the Russian government was attacked at the weekend. Are innovative solutions safe? Problems in the Russian voting system  The Russian system of voting...

Crypto-powered online game tournaments are the future of this market

The Counter-Strike stars will soon be taking part in a cryptographic tournament, while fans will be able to bet on the score with VRA...