• Futures on Bitcoin Indicate a Possible Price Increase

  • Bitcoin futures are on the mend, with traditional financial markets showing signs of life in recent days. According to analysts, a rise in open interest and a break through of the triangular pattern are expected, which will boost the spot asset’s price.

    Breaking out from the mold

    The symmetrical triangle on the Bitcoin charts was one of the market’s focal points, with the spot trading pair touching both sides of the pattern multiple times in the last three months.

    The more localized variant of the same pattern–an ascending range–could provide additional information about the first cryptocurrency’s past and current movements. Bitcoin is still ranging, according to it, despite having touched the bottom of the pattern at least three times.

    The market had been anticipating a breakout when digital gold hit the rangebound resistance level of $45,200. However, due to a lack of considerable buying power, Bitcoin was unable to push through $45,000 and fell to $37,925.

    Interest in the open market is increasing.

    Another argument in favor of digital gold is the global increase in open interest for derivatives assets, which indicates that the market is “awakening” and traders are opening more positions than previously.

    After the first cryptocurrency breaks out of the consolidation zone and initiates a fresh rally, as forecasted by industry experts like Willy Woo, the last signal toward market structure normalization will be issued.

    Leading on-chain analysts previously said that the nature of Bitcoin market cycles has entirely changed, and that the old “four-year halving cycles” will no longer be seen.

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