• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
Picture of a shadowy bull emerging from smoke with two gold bitcoins in front of it

Bitcoin Slams Metrics ATHs After Cracking $65K, Bulls Ready For More Profits?

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin has been rejected in the high area around its current levels and trends to the downside in the daily chart. At press time, BTC’s price has slide back into early week levels trading at $62,668 with a 5.1% loss in the daily chart.

BTC BTCUSD
BTC with minor losses in the daily chart. Source: BTCUSD Tradingview

The bullish sentiment remains as Bitcoin has been able to retain its profits in higher timeframes. The benchmark crypto smashed its previous all-time high at $65,000 and roared its way up to the $68,000.

Related Reading | Lucky Buyers Possibly Bag $8K Bitcoin During Early Morning Flash Crash

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Analyst John Wick believes Bitcoin could follow a similar trajectory as in 2017. As seen below, BTC performance has been imitating the price action at that time with a similar ATH breakout and continuation of the bullish trend.

Bitcoin BTC BTCUSD
Source: John Wick

On this rally, Bitcoin has managed to break several all-time highs in its indicators. The upwards trend has been propelled by the launch of a BTC-link ETF in the United States.

This investment product tracks the price of Chicago Mercantile Exchange (CME) futures contracts. Thus, many traders are looking into Bitcoin’s Open Interest has it made its way up with the price of the underlying asset.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
bitcoin btc btcusd
Source: CryptoQuant

The BTC Futures Open Interest OI stands at $5.75 billion in the CME, according to data from Skew. The exchange now traders more contracts that Binance, FTX, Bybit, and other major exchanges most likely due to the impact of the Bitcoin ETF.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Bitcoin At Risk Of Further Downside Or Heating Up For New ATH

Further data provided by CryptoQuant point to a heating up in the futures market with the leverage ratio increasing to September levels. Funding rates are going positive, as traders expect more gains and short-term investors take leverage Bitcoin positions.

Bitcoin BTC BTCUSD
Source: CryptoQuant

The Bitcoin Option Open Interest follows a similar trend that the futures market, Delphi Digital noted. The OI in this sector also reached an all-time high, the firm said the following on the increase interest on this market:

This was expected given BTC’s new all-time high and futures markets hitting record open interest levels too. Most activity is centered around short to mid-term call purchases.

In the short term, Bitcoin could continue its rally as historical data suggest. Some analyst claims BTC’s price tends to return to discovery mode a few days after a successful push into new highs.

Related Reading | Despite New ATH, Bitcoin Exchange Reserves Continue To Decline

However, as the futures market runs hot, the bulls could face hurdles. In the past, whenever too much leverage enters the market, Bitcoin tends to correct to shake out short-term investors. Only time will tell if history repeats.

Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

bitcoin

Another Bitcoin Metric Turns Bullish With Price At $23,000 And Forecasts More Profits

14 hours ago
Bitcoin

Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?

2 days ago
This Bitcoin On-Chain Metric Is At A Historical Resistance, Will BTC Decline?

This Bitcoin On-Chain Metric Is At A Historical Resistance, Will BTC Decline?

2 days ago
Bitcoin

Bitcoin Small Addresses Have Been Rapidly Growing, Here’s What It Means

2 days ago
Bitcoin Network

Craig Wright Wants His $2.5 Billion, Demanding For a Bitcoin Hard Fork

5 days ago
Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Bitcoin (BTC) Sends the Cryptocurrency Market Green; Ethereum (ETH) and Orbeon Protocol (ORBN) Investors Among Those Set to Profit

February 9, 2023

MATIC, Snowfall Protocol (SNW), and Solana (SOL) (SOL) Surge in Early 2023 Crypto Rally

February 9, 2023

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.