The number of existing bitcoin futures contracts, is at record levels. In derivatenbeurs BitMEX is going to be 1 billion dollars ‘ worth of bitcoin futures contracts. According to several analysts, this may lead to a large price movement in bitcoin.
Below, you can see that the dollar value of all the bitcoin futures contracts that have not yet expired. In English it is known as the open interest is listed.
Why is 1 billion, so should we go for?
Several of the analysts to keep this open for interest a close eye on. This is not a fool, every time when there are more than 1 billion dollars ‘ worth of open interest has been on the BitMEX does the bitcoin price is a great move. Especially the down-in fact, if you are in the chart below, look at.
In the upper graph, the bitcoin exchange rate, and the second chart shows the open interest to see it.
Trader, Scott Melker, is this notice: “We do not stay around for the 9.400 usd. The next move, it is important to note, and it has to be done very soon.’
With Bitmex and Open Interest hitting a billion, volatility is almost assuredly coming. We aren’t staying at-9400 for long. The next move should be significant, and come relatively soon.
— The Wolf of All Streets (@scottmelker) March 2, 2020
This time, we will once again be a major correction expected?
Based on the chart above, you can be sure that the price of bitcoin is soon to be rapid decline. But it doesn’t necessarily have to be done. According to Investopedia, you should have the open interest and calculated in conjunction with two other factors: the movement of the price and the trading volume. Is a rise in the bitcoin price and trading volume, and open interest is up? There is a strong, bullish market. In this case, a high open interest is a sign that the price will continue to rise.
In contrast to the second half of 2019, bitcoin is in an upward trend, or bull market. Is a rise in the price, then bitcoin is a new attempt to raise $ 10,000 (9.040 euros.
Investors were generally optimistic about the direction of bitcoin. On Bitfinex, there are over 80 per cent of the investors in long (betting on a rise) has gone, compared to 20 percent for the short (betting on a decline). On BitMEX, these figures are harder and harder to find, but it is likely the ratio will be almost exactly the same.
Is there anyway to fix it, then the support is likely to 8.900, the $ 8.075 million). In our last technical analysis, you can read the reasons why.
How will it turn out? On this page, you can follow the live bitcoin price.