English | Español | Français
Market Cap: $ 3.75 T 24h Vol: $ 111.94 B BTC Share: 62.48%
BTCNEWS
  • Bitcoin
  • ETF
  • Prices
  • Exchanges
  • Glossary
bitcoinBTC/USD
$ 117,834.57 0.08%
No Result
View All Result
BTCNEWS
  • Bitcoin
  • ETF
  • Prices
  • Exchanges
  • Glossary
BTCNEWS
No Result
View All Result
Home Latest

Bitcoin’s Minor Uptick Sparks Massive Spike in Open Interest

Unpacking the ripple effect of a minor Bitcoin increase on Futures market, following a $2.5 billion position liquidation.

Mark Valerius by Mark Valerius
October 13, 2024
Share on FacebookShare on Twitter

Key Points

  • Bitcoin’s Open Interest surged to over $19 billion after a $2.5 billion Futures liquidation.
  • Bitcoin faces resistance at $63,400, with the current price around $62,700 after a 3% increase.

The volatility of Open Interest in Bitcoin (BTC) has been significant, following a recent price surge. Many positions were closed, but Open Interest in Bitcoin Futures remained high.

Bitcoin Futures’ Turbulence

Data from Glassnode showed that during Bitcoin’s price rally, approximately $2.5 billion worth of Futures Open Interest was forcibly closed. This likely led to the flushing out of many short sellers. However, the impact did not cause a drastic market collapse.

Even amidst heightened volatility, the market’s resilience could continue to affect leveraged traders. The total cost of leverage during Bitcoin’s March all-time high (ATH) reached as high as $120 million weekly. This figure has now dropped to $15.3 million per week.

Increased Funds Flow into Bitcoin’s Open Interest

Despite the earlier closures of large positions, traders continue to open new ones. According to CryptoQuant, Bitcoin’s Open Interest surged to over $19 billion by the 12th of October. Despite a slight decline since then, Open Interest remained strong at over $18 billion.

This renewed interest from traders is largely due to Bitcoin’s recent price increase, which pushed the cryptocurrency above the $63,000 mark. This rise in Open Interest signals that traders are actively positioning themselves in anticipation of further price movement.

Bitcoin Faces Resistance at Key Price Levels

Bitcoin experienced a 3% price increase on the 11th of October, reaching $62,500. This rally also pushed the price above the 50-day moving average, which had previously served as a significant resistance level. However, Bitcoin is now facing tougher resistance at its 200-day moving average, positioned around $63,400.

Despite a period of volatility and the forced closure of billions in Futures Open Interest, Bitcoin’s Open Interest remains strong. The recent price surge to $63,000 reflects increasing optimism among traders, although it faces strong resistance around $63,400. The coming days will determine whether Bitcoin can break through this barrier or continue to face challenges at this key price point.

Tags: Bitcoin (BTC)

Related News

trump crypto

Trump Family Adds $620 Million To Its Crypto Empire–Details

July 4, 2025
crypto scam phone

Cybersecurity Firm Kaspersky Warns Against Crypto Malware ‘SparkKitty’

June 27, 2025
xrp ripple

Ripple Co-Founder Breaks 14-Year Silence – What’s Next For XRP?

June 25, 2025
spain crypto

Major Spanish Bank Recommends 7% Crypto Investment For Wealthy Clients

June 18, 2025
bitcoin
Bitcoin (BTC)
Rank: 1
$ 117,834.57
Price (BTC)
Ƀ1.00000000
Marketcap
$ 2.34 T
Volume
$ 22.77 B
24h Change
0.08%
Total Supply
19.89 M BTC

  • About Us
  • Contact
  • Advertise
X-twitter Telegram Facebook Instagram Youtube Medium Linkedin

Information you can trust

BTCNews.com provides Bitcoin news and other cryptocurrency news, reaching millions of crypto enthusiasts daily.

It offers comprehensive coverage of business, financial, and international news related to digital assets.

Serving professionals through digital platforms, industry conferences, and direct updates, BTCNews.com is a premier provider of blockchain and crypto news.

Disclaimer: The information provided by BTCNews.com is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency investments are highly volatile and involve significant risks.

Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. BTCNews.com is not responsible for any losses incurred due to the use of information provided on this site.

  • © 2008 - 2024 BTCNews.com
  • Terms of Use
  • Privacy
  • Cookies
No Result
View All Result
  • Market
    • Crypto Prices
    • Crypto Exchanges
  • Learn
    • Glossary
  • News
    • Latest

© 2008 - 2024 BTCNews.com