{"id":130346,"date":"2020-04-10T22:00:32","date_gmt":"2020-04-10T21:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=130346"},"modified":"2020-04-10T19:12:12","modified_gmt":"2020-04-10T18:12:12","slug":"bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent\/","title":{"rendered":"Bitcoin\u2019s open interest skyrocketing indicates immense volatility may be imminent"},"content":{"rendered":"

Bitcoin has seen some notable overnight volatility, with the benchmark cryptocurrency\u2019s buyers struggling to maintain the support that had been established within the lower $7,000 region.<\/p>\n

The decline below this support has marked a bearish resolution to the consolidation phase that the crypto had been caught within, with this potentially doing some technical damage to the cryptocurrency\u2019s market structure.<\/p>\n

One interesting phenomenon that has occurred in tandem with this price decline is a major upswing in the crypto\u2019s open interest, which is an indicator that is often looked towards for insight into whether or not a big movement is imminent.<\/p>\n

Bitcoin sees surging open interest as volatility mounts<\/strong>\u00a0<\/strong><\/h2>\n

In general, the past several days have been positive for Bitcoin<\/a>, with the benchmark cryptocurrency climbing from lows of $6,600 to highs of $7,500 \u2013 which is around the place at which the crypto met insurmountable resistance.<\/p>\n

The rejection at this level led Bitcoin to enter a bout of sideways trading within the lower-$7,000 region, with strong support being established around $7,100.<\/p>\n

Now that this support has been lost, its next key support level exists around $6,800, with this level slowing BTC\u2019s descent overnight.<\/p>\n

One factor that could contribute to this volatility in the days and weeks ahead is the fact that Bitcoin\u2019s open interest on popular crypto trading platform BitMEX<\/a> has ballooned over the past day, according to data from Skew<\/a>.<\/p>\n

\"Bitcoin\"
Image Courtesy of Skew<\/figcaption><\/figure>\n

This number, which indicates the dollar-value of the open positions on the platform, tends to impact Bitcoin\u2019s price action in two primary ways.<\/p>\n

Firstly, it indicates that retail traders are anticipating the asset to make a large movement, with this number declining during periods of consolidation<\/a> and climbing when the crypto shows signs of a big movement being imminent.<\/p>\n

Climbing open interest also perpetuates volatility, as the larger quantity of positions can help magnify both upside and downside movements.<\/p>\n

Will this volatility favor bulls or bears in the mid-term?<\/strong><\/h2>\n

One factor to consider while pondering Bitcoin\u2019s mid-term outlook<\/a> is the fact that this latest decline marked a downside break of an ascending trendline that has been leading BTC upwards in the time since its capitulatory decline to lows of $3,800 on March 12th.<\/p>\n

\"Analysts<\/a>
Related: Analysts believe Bitcoin may see months of consolidation despite investors\u2019 \u201cextreme fear\u201d<\/a><\/figcaption><\/figure>\n

One popular pseudonymous trader named CryptoBirb on Twitter pointed to the break below this trendline in a recent tweet<\/a>, bearishly noting that it opens the gates for a downside movement to $5,300.<\/p>\n

\"Bitcoin\"
Image Courtesy of Crypto Birb<\/figcaption><\/figure>\n

If BTC loses the support at $6,800 and begins reeling lower, it is possible that it will see an intense mid-term downtrend<\/a> that is fueled by the crypto\u2019s rising open interest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has seen some notable overnight volatility, with the benchmark cryptocurrency\u2019s buyers struggling to maintain the support that had been established within the lower $7,000 region. The decline below this support has marked a bearish resolution to the consolidation phase that the crypto had been caught within, with this potentially doing some technical damage to […]<\/p>\n","protected":false},"author":174,"featured_media":130352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin\u2019s open interest skyrocketing indicates immense volatility may be imminent<\/title>\n<meta name=\"description\" content=\"One interesting phenomenon is that Bitcoin's open interest has ballooned over the past day, a sign that a big movement could be imminent for the crypto.\" \/>\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\/bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin\u2019s open interest skyrocketing indicates immense volatility may be imminent\" \/>\n<meta property=\"og:description\" content=\"One interesting phenomenon is that Bitcoin's open interest has ballooned over the past day, a sign that a big movement could be imminent for the crypto.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-10T21:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-10T18:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-storm.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=\"Cole Petersen\" \/>\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=\"Cole Petersen\" \/>\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\/bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoins-open-interest-skyrocketing-indicates-immense-volatility-may-be-imminent\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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