The analysis of on-chain data in the derivatives market indicates growing trader optimism and expectations of a continued upward trend in Bitcoin's price.
In the derivatives market, the Open Interest metric reflects an increase in open positions taken by derivatives traders. By examining the Taker Buy to Sell Ratio chart, it becomes clear that what is rising are long positions in the derivatives market.
This development, occurring after the breakout of Bitcoin's resistance level, may signal traders' expectations of a price increase in the coming days.
Written by CryptoOnchain
