The Bitcoin (BTC) market has been gaining intense activity this week, both in the derivatives segment and in the direct trade known as spots or cash.
Bitcoin's open profit (OI) rose from 36.2 billion to $38.6 billion (USD) from Monday to Tuesday, according to data from GlassNode analytics company. This represents an increase of USD 2.4 billion in less than 36 hours.
This shows the highest level of open interest since the end of March. Reveals more aggressive positioning by derivative traders.
Open profits reflect the amount of future asset contracts, the means that allow traders to bet if the price on a particular date rises or falls. An increase in this indicator is usually interpreted as an indication that new participants are entering the market or that existing participants are strengthening their positions.
In this sense, as happened this week, the increase in OI aims to be greater confidence in the direction of price and a more solid upward trend. You can see your movements below.
At the same time as the increase in OI, Bitcoin Spot Commerce Volume almost tripled, moving from USD 2.9 billion to USD 8,000 million. This combination represents a generalized capital entrance to the Bitcoin market.
Bitcoin spot commerce volume, which can be observed in the following graph, refers to the recorded purchases and sales volumes.
BTC prices have risen to accommodate this dynamic. The week began to exceed US$87,000 resistance and has since increased. This Wednesday BTC reached USD 94,000. This is a level that I haven't seen for almost two months..
This price action reflects the growth of trade volumes being driven by greater demand.
US officials say there is a commercial warfare decala.
Bitcoin rebound occurs in the context of changes in macroeconomic and geopolitical domains.
Scott, the US secretary to the Treasury Department, said Tuesday. He hopes for a “de-scalle” in the “very near future” in the commercial war between President Donald Trump and President China.. Additionally, inter-regulation conversations with other countries are progressing in sought agreement.
On the same day, Trump made it clear that he, as he said last week, he had no intention of saying goodbye to Federal Reserve President Jerome Powell. However, he repeated that he wanted him to adopt a more aggressive position to lower interest rates.
In addition to Bitcoin, the S&P 500 Stock Index (SPX) connects the 500 largest recruiting companies in the US. I also responded to this context. However, this left him barely recovering the price he had closed last week.
Currently, SPX is 13% below its previous maximum reached in February. Meanwhile, BTC is 11% below the record marked in January. It is positioned as an asset with better relative performance in the face of macroeconomic uncertainty.
“It may be too early to call Bitcoin a 'safe' shelter, but the relatively moderate autumn amid recent global risk events suggests it is increasingly perceived as a 'digital gold' form.”
This Bitcoin behavior occurs earlier this week while a new price record was marked above USD 3,500 per ounce.
