{"id":122544,"date":"2020-01-09T12:30:27","date_gmt":"2020-01-09T12:30:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=122544"},"modified":"2020-04-06T01:18:44","modified_gmt":"2020-04-06T00:18:44","slug":"explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started\/","title":{"rendered":"Explosive market data suggests Bitcoin&#8217;s buy streak could just be getting started"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A sudden jump in key metrics in both the futures and spot markets indicates strength and institutional sponsorship behind Bitcoin\u2019s latest rally, a factor that could mark the start of an extended winning streak for the bulls.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As it stands, the five-day rally has seen Bitcoin gain more than 16 percent in price and $15 billion in market capitalization, having kicked off at $6,900 January 2 and peaking January 7 at $8,440. Bulls have <a href=\"https:\/\/cryptoslate.com\/analyst-bitcoins-surge-past-8000-may-lead-it-to-jump-another-25-factors-and-trends\/\">dominated the market<\/a> since December 18, however, when BTC broke market structure in the form of a sheer thousand-dollar rally to the upside.<\/span><\/p>\n<figure id=\"attachment_122548\" aria-describedby=\"caption-attachment-122548\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.tradingview.com\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-122548\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-1024x436.png\" alt=\"Bitcoin rally\" width=\"1024\" height=\"436\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-1024x436.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-300x128.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-768x327.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-1536x654.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-9.33.38-AM-2048x872.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-122548\" class=\"wp-caption-text\">BTCUSD 1HR, Bitfinex &#8211; Tradingview<\/figcaption><\/figure>\n<h2>Futures, spot data look promising for BTC despite technical overextension<\/h2>\n<p>Since June last year trading volumes and volatility have been declining across the entire Bitcoin market, <a href=\"https:\/\/cryptoslate.com\/record-low-bitcoin-volumes-and-volatility-signal-uncertainty-behind-btcs-latest-rally\/\">casting doubt<\/a> over the near-term prospects of an extended bull-run. Recent developments could change this, however,<\/p>\n<p>There has been a dramatic surge in open interest and trading volumes on <a href=\"http:\/\/cryptoslate.com\/companies\/bakkt\">Bakkt<\/a> and <a href=\"http:\/\/cryptoslate.com\/companies\/cme-group\">CME Group<\/a>, two venues that are widely considered to have a vital bearing over Bitcoin's price movements as the incumbent institutional venues for Bitcoin derivatives.<\/p>\n<p><span style=\"font-weight: 400;\">On Tuesday both venues saw hikes in open interest of 50 percent or more on their monthly BTC futures markets, coming as Bitcoin blew through the $8,000-mark and topped out at $8,440. This indicates the addition of participants to the marketplace in the form of new contracts being opened and\u2014seen alongside an increase in price\u2014can be considered an indication of aggressive buying.<\/span><\/p>\n<p>Both markets have seen significant increases in volume, with CME nearly hitting $500 million on Tuesday\u2014the highest volumes in months. Bakkt saw the same trend, with $40.7 million taking the monthly contract just shy of its all-time high of $49.6 million (December 18).<\/p>\n<figure id=\"attachment_122557\" aria-describedby=\"caption-attachment-122557\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.skew.com\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-122557\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM-1024x290.png\" alt=\"Bitcoin futures data\" width=\"1024\" height=\"290\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM-1024x290.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM-300x85.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM-768x217.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM-1536x435.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-10.14.23-AM.png 1830w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-122557\" class=\"wp-caption-text\">Bakkt & CME BTC monthly futures data &#8211; Skew<\/figcaption><\/figure>\n<p>Spot volumes have also rocketed to levels not seen since late October. According to Bitwise, who measures trading volumes minus &#8220;fake&#8221; or &#8220;non-economic&#8221; activity, Tuesday saw nearly <a href=\"https:\/\/www.bitcointradevolume.com\/\">$1.5 billion<\/a> worth of Bitcoin change hands in the spot market, a 300 percent increase from the December average of <a href=\"https:\/\/cryptoslate.com\/record-low-bitcoin-volumes-and-volatility-signal-uncertainty-behind-btcs-latest-rally\/\">$500 million<\/a>.<\/p>\n<p>Volatility has also increased during the latest rally \u2014 another sign that Bitcoin could continue to trend higher or lower, and not stagnate in a consolidation. Granted, at its current level of 40 percent, volatility is nowhere near the levels seen in the first half of 2019, when Bitcoin rallied nearly $10,000 (a 260 percent increase) in three months.<\/p>\n<figure id=\"attachment_122580\" aria-describedby=\"caption-attachment-122580\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/www.intotheblock.com\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-122580\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-11.37.48-AM-1024x446.png\" alt=\"Bitcoin volatility\" width=\"1024\" height=\"446\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-11.37.48-AM-1024x446.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-11.37.48-AM-300x131.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-11.37.48-AM-768x335.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-09-at-11.37.48-AM.png 1088w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption id=\"caption-attachment-122580\" class=\"wp-caption-text\">BTC volatility, 30-day &#8211; IntotheBlock<\/figcaption><\/figure>\n<p>While several <a href=\"https:\/\/cryptoslate.com\/no-bitcoin-isnt-cleared-for-takeoff-after-pump-to-8400-heres-why\/\">technical indicators<\/a> suggest that Bitcoin could be overextended after its latest rally and due for a retracement, the sudden increases in futures and spot trading could be a portent of a coming bull market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sudden jump in key metrics in both the futures and spot markets indicates strength and institutional sponsorship behind Bitcoin\u2019s latest rally, a factor that could mark the start of an extended winning streak for the bulls.\u00a0 As it stands, the five-day rally has seen Bitcoin gain more than 16 percent in price and $15 [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":122594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,60840,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Explosive market data suggests Bitcoin&#039;s buy streak could just be getting started<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explosive market data suggests Bitcoin&#039;s buy streak could just be getting started\" \/>\n<meta property=\"og:description\" content=\"A sudden jump in key metrics in both the futures and spot markets indicates strength and institutional sponsorship behind Bitcoin\u2019s latest rally, a factor that could mark the start of an extended winning streak for the bulls.\u00a0 As it stands, the five-day rally has seen Bitcoin gain more than 16 percent in price and $15 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-09T12:30:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T00:18:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/bitcoin-explode.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/explosive-market-data-suggests-bitcoins-buy-streak-could-just-be-getting-started\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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