Crypto News Blocks

Why Bitcoin Price Just Rose Past $18,000 Again

  • The price of Bitcoin surged past $18,000 once again, marking a sharp recovery from its earlier intraday drop to around $17,355. Behind the ongoing rally is a noticeable spike in the open interest of CME and other major futures exchanges.
  • The open interest of the CME Bitcoin futures market recently surged past $1 billion, coming after an increase in the number of billionaires and large financial institutions publicly supporting or investing in BTC.
  • The CME Bitcoin futures market primarily targets institutions and accredited investors in the U.S hence, the open interest surpassing $1 billion would likely indicate significant demand for BTC from institutional investors.
  • Bitcoin had a strong narrative to see a sharp pullback as there were large sell orders at $17,500 and high time frame charts, both weekly and monthly, hovered well above short-term moving averages. But BTC pushed past the $18,000 level and is repeatedly testing the $18,500 resistance area, supplemented with strong buy orders across major exchanges.
  • So far, more institutional and high-net-worth investors have started to consider Bitcoin as a recognized portfolio asset. The institutional craze around Bitcoin could have caused the market sentiment around BTC to amplify.
  • Read the full story here

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Justice Department extradites alleged BTC mining Ponzi operator from Panama
AirBit Club’s leadership has been gathered in New York City and will face charges for stealing “membership dues” to...
Can DeFi indices finally make crypto-based passive investing worthwhile?
The concept of a DeFi ETF sounds promising, but it’s not without pitfalls. Index investing in the stock market...
Bitcoin theft is likely to surge in meager post-COVID economy: report
Cybercriminals may favor a different cryptocurrency in the coming months, however. Cryptocurrency-related fraud and theft are likely to grow...
Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next
Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high....
XRP price now eyeing $1.00 after key support level holds, BTC price soars
XRP price must break a key resistance level before $1.00 becomes a real possibility. While Bitcoin (BTC) is facing...
Bitcoin Crushes Previous All-Time Price Highs Surpassing 2017’s Bull Run
Digital currency markets are on a tear this week, as a myriad of crypto assets have seen enormous gains...

Featured Crypto News

Bitcoin Begins to Correct Below $17,000: Where Traders Say BTC is Heading
The price of Bitcoin has begun its correction below $17,000, resuming the bearish downtrend from yesterday. Traders have mixed...
Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap
With the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC increasing every year, the remaining addresses represent...
Stack Funds hails Bitcoin's 'healthy correction' predicts ‘euphoria’ ahead
Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”, with market psychology currently in the “belief” stage...
Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal
Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever...
Record $7.4B Bitcoin futures open interest shows pros still expect $20K BTC
Bitcoin price fell short of reaching $20,000, but record high open interest on BTC futures shows pros are still...
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2%...