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The highest Bitcoin open interest levels in over six months come as analysis predicts that BTC price action will fail to flip $36,000 this week. Bitcoin (BTC) fell toward $34,500 on Nov. 7 as analyst s’ attention turned to mushrooming open interest . BTC/USD 1-hour chart. Source: TradingView Open interest "surge" spooks Bitcoin pundits Data from Cointelegraph Markets Pro and TradingView showed BTC price trajectory struggling to reclaim $35,000 as support. The largest cryptocurrency lacked clear direction into the Wall Street open, but market participants predicted that volatility would soon return. The reason, they said, was a sharp increase in open interest (OI) on derivatives markets. “Almost 10k BTC (~$350MM USD) in open interest added today. Fireworks soon,” financial commentator Tedtalksmacro predicted on the day. As Cointelegraph reported, open interest reaching elevated levels has coincided with bouts of volatility in recent months. Commenting on current levels, whic...

The price of Bitcoin (BTC) has surged over the past day, increasing its price by nearly 10% to over $19,500. Meanwhile, most major altcoin s like Ethereum (ETH) have continued their downward trajectory. According to crypto analyst Jason Pizzino, this divergence between Bitcoin and altcoin s is expected in the current market cycle. In his latest YouTube video, Pizzino explains why Bitcoin’s price increase does not necessarily signal a broad recovery for the crypto market yet. The analyst notes that while Bitcoin successfully tested a key resistance level around $19,400, it needs to consolidate above that level before confirming an uptrend. When it comes to altcoin s, Pizzino points out most major cryptos are hitting new lows against Bitcoin. You might also like: Charles Hoskinson: Bitcoin has a governance problem Ethereum in particular has broken below key long-term support levels on its Bitcoin pairing, indicating weakness. Pizzino believes the ETH and BTC pairi...

Bitcoin’s extended period of lateral price movement shares a striking resemblance with the patterns seen in the two previous Bitcoin market cycle s. Both of these cycle s experienced a pivotal shift in November, coinciding with a significant event: the halving. Market observers suggest that Bitcoin’s current lateral price action might transition to a bullish trajectory as early as November, mirroring the behavior observed in prior cycles leading up to the halving event. On the 10th of October, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon, pointing out the similarity between recent Bitcoin patterns and those observed in previous market cycles. https://coinstats.app/coins/ BITCOIN / Deutscher commented, “This type of lateral price movement is characteristic of the period spanning from the second to the fourth quarter in pre-halving years.” He also noted that, historically, November 21st has served as a pivotal moment for Bitcoin...

An imminent U.S. government shutdown appears to be expediting the launch of Ether futures ETF s, a notion posited by market analyst s. In the United States, it’s plausible that trading in Ether futures exchange-traded funds ( ETF s) could commence as early as the upcoming week. Insights from Bloomberg analyst s suggest this possibility. On the 28th of September, James Seyffart, an analyst with Bloomberg Intelligence, made a noteworthy observation in a post, stating that it seems highly probable that the SEC (Securities and Exchange Commission) will greenlight a multitude of Ethereum futures ETF s in the coming week. This commentary was prompted by remarks from fellow ETF analyst Eric Balchunas, who alluded to indications that the U.S. Securities and Exchange Commission is keen on “expediting the launch of Ether futures ETF s.” Balchunas further noted that he had received information indicating that various filers were diligently updating their documents, with...