Bitcoin has hit a new ATH in Open Interest as the digital currency is seeing increasing embrace from high networth traders
The world’s largest cryptocurrency, Bitcoin (BTC), has been on a mild bullish path for the last seven days. The coin broke the $60,000 resistance level and has not looked back since. Its recent performance has also hit an All-Time High (ATH) of $20 billion.
$20 Billion Open Interest, a New ATH for Bitcoin
Ki Young Ju, founder and CEO of CryptoQuant, shared this in a post on X. According to details, this is the first Bitcoin’s Open Interest to hit $20 billion. The new milestone for Bitcoin indicates that investors feel confident about the asset’s future price.
#Bitcoin open interest hit an all-time high of $20 billion, and the price is 8% away from its ATH. pic.twitter.com/wDpA29o4K4
— Ki Young Ju (@ki_young_ju) October 17, 2024
Open Interest refers to the total value of outstanding derivatives contracts, such as futures or options in the Bitcoin market. These still need to be settled as the assets remain in the active contracts.
Notably, Bitcoin reached such levels, signaling increased interest from the broader financial space. Additionally, the coin has maintained an upward price trajectory due to general bullish sentiment.
As of this writing, Bitcoin’s price was $67,244. This places the coin $6,494, or approximately 8%, away from its ATH of $73,738, which it attained in March. The closeness of Bitcoin’s price to its ATH suggests it might be nearing another price surge.
Can Bitcoin Surpass $73,000 in Uptober?
Experts say the coming days and market forces will prove if Bitcoin can test or surpass its all-time high.
As previously reported by BGECrypto, Bitcoin has formed resistance points over the years, and current trends show BTC might overpower these walls. Investors are betting on a long bull run with the asset now in the “strong buy wall” zone.
However, traders are monitoring the market closely for signs of surprises. Recent moves by Tesla, the electric car manufacturer, to transfer its Bitcoin to unnamed wallets have triggered speculations. In that move, Tesla transferred over 11,500 BTC, valued at over $770 million.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
