Bitcoin Surges and Altcoins Follow: A Dive into the Bullish Crypto Market

Bitcoin Breaks the $9,800 Barrier

The bullish sentiment in the cryptocurrency market is palpable, akin to the smell of fresh popcorn at a movie theater. As Bitcoin’s spot price soared above $9,800 and hit a temporary high of $9,862 before settling around $9,650, traders across the globe are eyeing their screens with sheer excitement.

Rising Futures and Open Interest: A Closer Look

Recent data from Skew Markets indicates that Bitcoin futures with expiry dates in May and June 2020 are pushing above $10,000 on several exchanges. This has ignited a flicker of hope for investors, reinforcing the notion that the current bullish trend isn’t just a passing phase but may continue, much like that feeling you get when you find a forgotten $20 bill in your pocket.

The Open Interest Equation: What Does It Mean?

Bitcoin futures Open Interest (OI) has surged to staggering heights—up to $1.5 billion at BitMEX alone. OI tells you how many contracts are floating in the ether, waiting for traders to grab them. Typically, when OI breaches the $1 billion threshold, you might expect a market dump, but contrary to the norm, Bitcoin’s price is defying gravity with each passing day. Who knew Bitcoin had its own version of a trampoline?

When Bitcoin price and OI increase moving together, this signals a strong bullish trend.
If they move in opposite directions, it hints at potential weakness.

Exchanges Setting Records

Buckling up for the wild ride, exchanges have been reporting record highs in Open Interest. Bakkt’s futures positions hit a remarkable $13 million, while the Chicago Mercantile Exchange reported a five-month high at $249 million. It seems like exchanges are throwing a party, and everyone’s invited!

Price Milestones Ahead

Currently, Bitcoin speculators are aimlessly dancing around the $9,800 resistance, hoping to flip it into support. Crossing this price would likely send Bitcoin straight toward the coveted $10,000 mark. Analysts predict a fun yet challenging road ahead with potential resistance levels at $10,300 and $10,500. If those levels crumble like a cheap chair, the price could easily push through to an astonishing $11,500.

Altcoin Adventure

While all eyes have been on Bitcoin, altcoins aren’t trailing too far behind. With a total market cap of $276.2 billion and Bitcoin’s own dominance sitting at 64.3%, altcoins like Tron (TRX), Binance Coin (BNB), and Ether (ETH) are showcasing their muscles with impressive gains. Some of the highlights: