{"id":560958,"date":"2023-11-16T22:00:09","date_gmt":"2023-11-16T22:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=560958"},"modified":"2024-06-11T08:34:19","modified_gmt":"2024-06-11T08:34:19","slug":"bitcoin-open-interest-19-month-high","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-open-interest-19-month-high\/","title":{"rendered":"Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect"},"content":{"rendered":"

The Bitcoin open interest<\/a> can often be an indication of where the BTC price<\/a> might be headed next depending on whether or not the metric is rising or falling. This time around, the Bitcoin open interest has risen drastically, hitting 19-month highs in the process. Using historical data, it is possible to extrapolate what this means for the crypto\u2019s price, especially as investors remain very bullish.<\/p>\n

Bitcoin Open Interest Surges To $17.04 Billion<\/h2>\n

In an interesting turn of events, the Bitcoin open interest<\/a> has been rising quickly across various exchanges. In the last 24 hours alone, this metric rose by a cumulative 7.89% across all exchanges in the space, bringing the total open interest to 454,150 BTC worth a staggering $17.04 billion.<\/p>\n

Related Reading: Ethereum Breakout: Analyst Explains Why The King Of The Altcoins Is Destined For $10,000<\/a><\/div>\n

For now, most of the Bitcoin open interest<\/a> is concentrated across the CME<\/a>, Binance<\/a>, and ByBit<\/a> exchanges. But perhaps what is even more interesting is that these open interest levels represent a 19-month high.<\/p>\n

\"Bitcoin<\/p>\n

Source: CoinGlass<\/pre>\n
According to the data presented<\/a> on the CoinGlass website, the last time that the Bitcoin open interest moved in this fashion and to this high was back in March 2022, before the historical Terra LUNA crash<\/a> that sent the market into a prolonged bear market stretch.<\/p>\n
This means that the last time that the Bitcoin open interest<\/a> rose this much was during a time when investors were still very much in the throes of bull run euphoria. As such, the historical performance of the BTC price<\/a> back then in relation to the open interest could serve as a guide to what might happen to the digital asset\u2019s price next.<\/p>\n
\"BTC<\/p>\n
BTC price finds support at $37,400 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Historical Data Says BTC Price Will Surge<\/h2>\n
Similar to the current trend, the Bitcoin open interest had surged from around 38,000 BTC to over 44,000 BTC in the space of a month, and the BTC price<\/a> followed quickly. This trend saw the price rise in March 2022 from $38,700 to over $47,000 before the month was over.<\/p>\n
Related Reading: Stunning Correlation Emerges Between XRP And XLM, What\u2019s Going On?<\/a><\/div>\n
Going by this historical performance and assuming Bitcoin sticks to this trend, the rally may be far from over. The BTC price<\/a> is also sitting at a similar price point at $37,500 and a similar surge could bring its price toward $45,000 before the month is over.<\/p>\n
However, there is also the possibility that the open interest could peak<\/a> at this level and begin to decline. Once this happens, then in the same fashion as in April 2022, the BTC price could begin to decline as the open interest drops. A similar crash would send the price back down toward $27,000.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Yahoo Finance, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin open interest can often be an indication of where the BTC price might be headed next depending on whether or not the metric is rising or falling. This time around, the Bitcoin open interest has risen drastically, hitting 19-month highs in the process. Using historical data, it is possible to extrapolate what this means for the crypto\u2019s price, especially as investors remain very bullish. Bitcoin Open Interest Surges To $17.04 Billion In an interesting turn of events, the Bitcoin open interest has been rising quickly across various exchanges. In the last 24 hours alone, this metric rose by a cumulative 7.89% across all exchanges in the space, bringing the total open interest to 454,150 BTC worth a staggering $17.04 billion. Related Reading: Ethereum Breakout: Analyst Explains Why The King Of The Altcoins Is Destined For $10,000 For now, most of the Bitcoin open interest is concentrated across the CME, Binance, and ByBit exchanges. But perhaps what is even more interesting is that these open interest levels represent a 19-month high. Source: CoinGlass According to the data presented on the CoinGlass website, the last time that the Bitcoin open interest moved in this fashion and to this high was back in March 2022, before the historical Terra LUNA crash that sent the market into a prolonged bear market stretch. This means that the last time that the Bitcoin open interest rose this much was during a time when investors were still very much in the throes of bull run euphoria. As such, the historical performance of the BTC price back then in relation to the open interest could serve as a guide to what might happen to the digital asset\u2019s price next. BTC price finds support at $37,400 | Source: BTCUSD on Tradingview.com Historical Data Says BTC Price Will Surge Similar to the current trend, the Bitcoin open interest had surged from around 38,000 BTC to over 44,000 BTC in the space of a month, and the BTC price followed quickly. This trend saw the price rise in March 2022 from $38,700 to over $47,000 before the month was over. Related Reading: Stunning Correlation Emerges Between XRP And XLM, What\u2019s Going On? Going by this historical performance and assuming Bitcoin sticks to this trend, the rally may be far from over. The BTC price is also sitting at a similar price point at $37,500 and a similar surge could bring its price toward $45,000 before the month is over. However, there is also the possibility that the open interest could peak at this level and begin to decline. Once this happens, then in the same fashion as in April 2022, the BTC price could begin to decline as the open interest drops. A similar crash would send the price back down toward $27,000. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Yahoo Finance, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":560962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,84667,679,1119,89185,86139,1122,1144,78790,54146],"class_list":["post-560958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-open-interest","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-open-interest","tag-btc-price","tag-btcusd","tag-btcusdt","tag-open-interest"],"acf":[],"yoast_head":"\nBitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect<\/title>\n<meta name=\"description\" content=\"The Bitcoin open 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect","url":"http:\/\/uniquehot.com\/news\/bitcoin-open-interest-19-month-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-open-interest-19-month-high\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-open-interest.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-open-interest.jpeg?fit=640%2C426"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin open interest","bitcoin price","btc","btc news","btc open interest","btc price","btcusd","btcusdt","open interest"],"dateCreated":"2023-11-16T22:00:09Z","datePublished":"2023-11-16T22:00:09Z","dateModified":"2024-06-11T08:34:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-open-interest-19-month-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-open-interest-19-month-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-open-interest.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-open-interest.jpeg?fit=640%2C426\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin open interest\",\"bitcoin price\",\"btc\",\"btc news\",\"btc open interest\",\"btc price\",\"btcusd\",\"btcusdt\",\"open interest\"],\"dateCreated\":\"2023-11-16T22:00:09Z\",\"datePublished\":\"2023-11-16T22:00:09Z\",\"dateModified\":\"2024-06-11T08:34:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/11\/Bitcoin-open-interest.jpeg?fit=640%2C426","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/560958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=560958"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/560958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/560962"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=560958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=560958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=560958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}