Can Bitcoin reach new highs?
Signs of recovery in the Bitcoin market:
After a period of silence, the Bitcoin market is gradually showing signs of recovery, and market sentiment is quietly changing.
Derivatives market activity is rising:
According to the latest data, the volume of open Bitcoin contracts on mainstream derivatives trading platforms has approached the $38.8 billion mark, a figure that is quietly approaching its historical peak.
Steady growth of open interest:
Currently, the total amount of open Bitcoin contracts has exceeded $38.6 billion, and has continued to rise in the past 48 hours. It is worth noting that the last time open interest reached such a high level was on March 29, 2024, when the figure exceeded $39 billion in one fell swoop.
Market significance of open interest:
Open interest is not only an important measure of investor sentiment, but also a key window for observing market activity. Although it cannot directly predict price trends, it can deeply reflect the degree of traders' commitment to the market.
Historical trajectory of open interest:
Looking back at history, open interest hit an all-time high of more than $39 billion at the beginning of the fourth quarter of 2023. However, as the price of Bitcoin fell back, the amount of open interest shrank in the second quarter of 2024. Until August 2024, the amount of open interest once fell below $27 billion, but as the price of Bitcoin stabilized, the amount of open interest once again embarked on the road to recovery.
Market Outlook and Expectations:
Many market participants believe that the price of Bitcoin is expected to continue to rise in the coming September and is expected to challenge the highs set in March again.
The delicate balance of long and short forces:
From the 24-hour long-short ratio provided by Coinglass, short trading volume accounted for 50.39%, while long trading volume accounted for 49.61%. This data shows that although contract traders are slightly bearish overall, the power of both long and short sides is still in a delicate balance.
