{"id":397799,"date":"2024-06-07T18:30:51","date_gmt":"2024-06-07T13:00:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=397799"},"modified":"2024-06-07T12:13:50","modified_gmt":"2024-06-07T06:43:50","slug":"bitcoin-open-interest-reaches-record-levels-could-80k-be-next","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-open-interest-reaches-record-levels-could-80k-be-next\/","title":{"rendered":"Bitcoin Open Interest reaches record levels: Could $80K be next?"},"content":{"rendered":"<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<ul>\n<li><em>The coin\u2019s open interest hit the highest point since March, suggesting that BTC could break past $73,750.<\/em><\/li>\n<li><em>Exchange withdrawal increased while the funding rate was positive, reinforcing the bullish bias.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For the first time since it hit its all-time high of $73,570, <\/span><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> Open Interest has hit a new high. Specifically, the Open Interest was $37.66 billion, according to <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=derivatives.FuturesOpenInterestSum\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data from Glassnode<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Open Interest (OI) is the value of outstanding contracts in the derivatives market. <\/span><span style=\"font-weight: 400;\">If the OI decreases, it means traders are increasingly closing their positions, and this could lead to a price decrease.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, an increase in OI like Bitcoin has done recently is a sign that new money is entering the market. If sustained, this could back BTC\u2019s uptrend and lead to a higher price.<\/span><\/p>\n<figure id=\"attachment_397817\" aria-describedby=\"caption-attachment-397817\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest.png\"><img decoding=\"async\" class=\"size-full wp-image-397817\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest.png\" alt=\"Bitcoin Open Interest hits an all-time high\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-open-interest-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-397817\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h2><b>BTC aims higher, backed by exchange flow<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As of this writing, BTC changed hands at $71,200. This represented a 3.89% jump in the last seven days. With increasing interest in the token, there is a high chance that it could <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-at-71k-can-it-climb-higher-amid-a-sell-signal\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">surpass<\/span><\/a><span style=\"font-weight: 400;\"> its all-time high and possibly reach $80,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the bullish prediction, it is important to look at the spot trading activity on exchanges as this could also affect the price action.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the ways to do this is by looking at the supply on exchanges and the supply out of it. In addition, the balance held by some of the top exchanges could give an idea.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, AMBCrypto <\/span><a href=\"https:\/\/app.santiment.net\/charts\/zrTOivjR__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">found<\/span><\/a><span style=\"font-weight: 400;\"> that Binance and Coinbase&#8217;s historical balance was down, indicating that users were withdrawing their BTC from the platforms. However, Kraken recorded a surge in BTC <\/span><a href=\"https:\/\/www.kraken.com\/learn\/buy-bitcoin-btc\" target=\"_blank\" rel=\"dofollow noopener\"><span style=\"font-weight: 400;\">purchases<\/span><\/a><span style=\"font-weight: 400;\"> on the 30th of May before the recent decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It seemed that many holders were buying more coins on exchanges and withdrawing them for the long term. If this continues to be the case, Bitcoin might evade selling pressure, and the price could hit an all-time high before the end of June.<\/span><\/p>\n<figure id=\"attachment_397818\" aria-describedby=\"caption-attachment-397818\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance.png\"><img decoding=\"async\" class=\"size-full wp-image-397818\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance.png\" alt=\"Bitcoin outflows from exchanges increase\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-exchange-balance-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-397818\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>Traders continue to bet on a rally<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On the other hand, the prediction could be invalidated if supply on exchanges begins to rise. This is because an increase in the supply would mean that investors are willing to book profits. If this happens, BTC might lose hold of $70,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, traders seem not to share the viewpoint of price decrease. This was based on the Funding Rate data obtained from Coinglass.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the derivatives information portal, Bitcoin\u2019s <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/BTC\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Funding Rate was positive<\/span><\/a><span style=\"font-weight: 400;\">. If the reading of the metric is negative, it implies that shorts are paying longs a fee to keep their position open. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this instance, the broader sentiment is bearish.<\/span><\/p>\n<figure id=\"attachment_397820\" aria-describedby=\"caption-attachment-397820\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate.png\"><img decoding=\"async\" class=\"size-full wp-image-397820\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate.png\" alt=\"Bitcoin traders are bullish on the coin\" width=\"2560\" height=\"609\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-300x71.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-1024x244.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-768x183.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-1536x366.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-2048x487.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/bitcoin-funding-rate-1200x286.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-397820\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">However, the positive reading of the metric indicated that longs are dominant, and are expecting BTC\u2019s price to increase. Should Bitcoin rise to $74,000 as it is being <\/span><a href=\"https:\/\/ambcrypto.com\/novogratzs-bitcoin-bet-btc-to-100k-in-2024-is-it-possible\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">talked about<\/span><\/a><span style=\"font-weight: 400;\">, traders with long positions would be rewarded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This could also give way to $80,000 provided bears fail to nuke the uptrend.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the price has been mildly affected, AMBCrypto explains how BTC may be on the cusp of another high.<\/p>\n","protected":false},"author":72,"featured_media":397837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-397799","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Open Interest reaches record levels: Could $80K be next? 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