These On-Chain Metrics Paint a Bullish Outlook As Bitcoin (BTC) Crosses $57,000


While the broader crypto market has been under a consolidation phase, the world’s largest cryptocurrency Bitcoin (BTC) continues to inch upwards. Bitcoin (BTC) started the week on a pretty good note with the BTC price climbing past $57,000 on Monday, October 11.

As per data from Glassnode, the bitcoin futures open interest is soaring back to the early September levels. As Glassnode reported:

Bitcoin futures open interest climbed by $5.6B through October, up 45% since the September lows. Whilst elevated, the $17.6B in open interest is lower than the $22.5B worth of contracts last time prices were trading at $56k.

Courtesy: Glassnode

Popular crypto analyst Lark Davis mentions that the Bitcoin futures open interest can pump even higher. However, “such spikes often come before a correction as a long squeeze comes into effect,” he adds.

Bitcoin Gaining Price Dominance

Observing the current movement in the market, it is clear that Bitcoin is gaining a dominant position over altcoins. On-chain data provider Santiment reports that is converting altcoins traders into BTC-weighted portfolio allocations. Thus, the sentiment is turning to be mildly euphoric for Bitcoin. furthermore, the euphoria levels don’t show extreme greed so far.

Furthermore, Santiment also explains that the unique addresses interacting on the Bitcoin network have been on a sharp increase to April/May levels. The data provider states:

If you like #Bitcoin dominance, this has been the week for you. As #altcoins are mostly treading water, $BTC climbed all the way above $57.6k for the first time in 5 months. Addresses interacting on the network continue to indicate increased utility.

Courtesy: Santiment

With Bitcoin showing strength recently, analysts have been gaining confidence in BTC touching $100K by the end of the year. As of press time, Bitcoin is trading at $56,878 and has a market cap of $1072 billion. The immediate resistance for Bitcoin is $58,000. If BTC crosses this, it can touch an all-time high and beyond very soon.

The post These On-Chain Metrics Paint a Bullish Outlook As Bitcoin (BTC) Crosses $57,000 appeared first on Coingape.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute. Bitcoin Flash Crashes To $8K On Binance.US Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency

Rich Dad Poor Dad Author Robert Kiyosaki Tells Why He Loves Bitcoin

Renowned Rich Dad Poor Dad author Kiyosaki loves bitcoin over fiat. Kiyosaki advocates for Bitcoin as a superior store of value to the dollar. Staggering debt will soon disqualify the dollar as a store of value. Robert Kiyosaki, the author of the famous book ‘Rich Dad Poor Dad’ says that he loves Bitcoin and distrusts