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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

BitMEX Open Interest Continues To Dictate Crypto Volatility

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
crypto bitcoin bitmex

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Bitcoin price is trading within a tight range as of late. Even the few surges here and there in either direction, have resulted in the leading crypto by market cap falling back into the current range.

The crypto asset likely stays within this range, at least until open interest on BitMEX reaches above 100,000 BTC – something that appears to be a trigger for the most powerful price movements on the crypto asset’s price charts.

Most Powerful Bitcoin Price Moves Are Preceeded By Rise in Open Interest

There’s no point in denying that BitMEX is among the most powerful entities in the cryptocurrency market, and the activity on the margin trading platform can even dictate when the most significant price movements occur.

Related Reading | Bah Humbug! If Bitcoin Bulls Can’t Reclaim $7,800 It’s Coal For Christmas 

According to one crypto analyst, each time open interest on BitMEX reaches 100,000 BTC or higher, it results in an extremely strong price movement in either direction, setting the trend for the weeks ahead.

Expect price to consolidate for weeks while OI creeps above 100k BTC building up to the next explosive move.

This has been the theme for a while, no reason why it would be different this time.

Knowing when to position yourself for volatility is key. pic.twitter.com/NrH1CQT2sb

— MS📈 (@singhsoro) December 5, 2019

After the last time, this happened, Bitcoin price dropped from around $9,000 to as low as $6,500 before rebounding to current levels. Now, open interest is building up once again, but still a ways to go before it reaches the key trigger level of 100,000 BTC.

Until it reaches such a number, the analyst expects Bitcoin to continue to range until open interest ushers in a return of volatility in the first-ever cryptocurrency.

Why Does BitMEX Continue to Dictate the Crypto Market?

The fact that BitMEX continues to have such influence over the crypto market is both confusing and concerning. Beyond the fact that there are numerous other platforms that offer similar services, BitMEX has been accused of everything from counter trading against its clients, to serving citizens outside their jurisdiction.

BitMEX is also the focus of a probe by the United States CFTC, and in late October gave crypto investors quite a scare on Halloween when the exchange sent a notice to its customers without blind-carbon-copying their customer’s email addresses, exposing them to potential cybercriminals. 

Thankfully, no major fallout was ever reported following the event, but it was enough to frighten crypto investors into tightening up their personal OPSEC after the fiasco.

Related Reading | Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

It’s difficult to say what the draw is for crypto traders relying on the platform, especially when it’s not uncommon at all to see complaints of “order submission errors” related to BitMEX across social media and cryptocurrency forums, but there’s also no denying that the platform currently controls much of the cryptocurrency market, even down to when the most prominent asset in the market experiences bursts of volatility.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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