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.
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.
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.
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.
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.
