Bitcoin

Bitcoin is ready to complete a 9-week historic bull run. Open interest rises to $ 1 million

Bitcoin (BTC) is Just a few days after completing the largest weekly bull run in its history as markets continue to push for $ 10,000.

Data from Cointelegraph Markets, CoinMarketCap and TradingView confirmed that on May 8th The BTC / USD exchange was on the way to the eighth consecutive green candle in weeks.

Bitcoin 10 month weekly chart

Bitcoin is ready to complete a 9-week historic bull run. Open interest rises to $ 1 million
Bitcoin is ready to complete a 9-week historic bull run. Open interest rises to $ 1 million

Bitcoin weekly chart for 10 months. Source: TradingView

It just happened three times in the history of Bitcoin: if next week closes even higher, It would be the first time that BTC / USD has closed nine consecutive green candles.

Impressive price statistics recovered from the trend that has shaped Bitcoin since then, it started rising from its 60% decline in March.

Many figures announced publicly Your renewed confidence in this year’s earnings, including Mike Novogratz, who found the $ 10,000 surge on Thursday “exciting“”

“An exciting day for $ BTC”, tweeted.

“I would like to emphasize that we have not even reached the highest years. This rally has just started. Don’t miss the train. “

The ambition continues to grow

However Not all indicators point to an infinite upward trend. When the $ 10,000 reappeared, the famous Crypto Fear Greed Index changed from “neutral” to “ambitious”.

A few days ago The index showed “fear” as the prevailing mood in the marketand its abrupt turn may indicate that progress has been made too quickly to be sustainable.

Other metrics have also suddenly increased, including open interest in Bitcoin options, You hit a million dollars for the first time on Thursday.

Changes to the Bitcoin option contract on May 7th

Bitcoin’s option contract was changed on May 7. Source: Skew / Twitter

As Skew emphasized, the composition of the options it changes quickly. The four largest rate hikes for the options contract occurred on that day: two in Deribit for $ 7,000 and $ 7,500, and two in CME for $ 12,500 and $ 10,500.

As reported CointelegraphBitcoin’s future open interest rose to $ 400 million this week, which mixed feelings among analysts.

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