Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
Home»ADOPTION NEWS»Bitcoin (BTC) approaches $70,000 with high open interest and stable funding rate.
ADOPTION NEWS

Bitcoin (BTC) approaches $70,000 with high open interest and stable funding rate.

By Crypto FlexsOctober 22, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin (BTC) approaches ,000 with high open interest and stable funding rate.
Share
Facebook Twitter LinkedIn Pinterest Email

Darius Varu
October 22, 2024 06:12

According to Bitfinex Alpha, the price of Bitcoin is approaching $70,000 as futures open interest is at an all-time high and a stable funding ratio indicates healthy market conditions.





Bitcoin (BTC) has been on an upward trajectory over the past week, reaching a high of $69,586 in early trading on October 21, 2024. As we move closer to the long-anticipated $70,000 resistance level, the cryptocurrency market is ready for what could happen. According to Bitfinex Alpha, this will be an important test of Bitcoin’s momentum.

High open interest and market dynamics

Open interest (OI) on Bitcoin’s perpetual and futures contracts has surged to an unprecedented $40 billion, reflecting intensifying speculative activity. This increase suggests strong market participation. However, there are concerns about the gap between the rise in OI and the decline in Bitcoin’s highs. This scenario suggests that most of the current price movement is driven by leveraged futures rather than spot market demand. In particular, the funding rate remains neutral, showing a balanced market environment without excessive buying positions.

Macroeconomic factors and market outlook

Despite the potential downside to OI level resets, the overall market outlook remains optimistic. Factors such as expected Federal Reserve interest rate cuts, increased liquidity, and potential regulatory improvements in the U.S. are contributing to this positive sentiment. If Bitcoin ends its eight-month consolidation phase by breaking above $70,000 resistance, it could replicate the strong performance seen in October 2023, when BTC surged past $30,000.

Supporting this optimistic outlook, recent US consumer spending data showed retail sales rose 0.4% in September, driven by lower gasoline prices and higher wages. The Federal Reserve is expected to cut interest rates by 25 basis points next month to sustain economic growth, further boosting market optimism.

Regulatory developments and industry challenges

On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has authorized NYSE and Cboe to list and trade options on several spot Bitcoin ETFs. This approval is an important step in legitimizing Bitcoin-related financial products within traditional markets.

Conversely, the industry is facing challenges, including a recent cyberattack on Radiant Capital that resulted in $50 million in losses. This incident highlights ongoing security vulnerabilities in the cryptocurrency industry.

Meanwhile, efforts to improve the usability of Bitcoin continue, with the Plasma Network raising $3.5 million to improve access to stablecoins like USDt on the Bitcoin network. This integration aims to expand Bitcoin’s role in the decentralized finance (DeFi) ecosystem.

Visit Bitfinex Alpha for more insights.

Image source: Shutterstock


Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

KAITO unveils Capital Launchpad, a Web3 crowdfunding platform that will be released later this week.

July 22, 2025

Algorand (Algo) Get momentum in the launch and technical growth.

July 14, 2025

It flashes again in July

July 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Is it really possible to sell Memecoins?

July 29, 2025

Encryption Inheritance Update: July 2025

July 29, 2025

Charting the Course for the Future of Decentralized Platforms

July 29, 2025

Blockchain For Good Alliance Leads Global Digital Cooperation At UN IGF 2025

July 29, 2025

Queens Park Rangers And TokenFi Announces New Partnership

July 29, 2025

Onchain AI Agents Go Live With USDC & Coinbase X402

July 29, 2025

DeepSnitch Introduces Five Specialized AI Agents As Token Presale Goes Live

July 29, 2025

PowerBank’s 3.79 MW Geddes Solar Project Goes Live, Powering New Bitcoin Treasury Strategy

July 29, 2025

Ika Launches Mainnet To Enable Native Cross-Chain Asset Control On Sui Blockchain

July 29, 2025

Floki registers an Micar compatible white paper with ESMA.

July 29, 2025

Use Dogecoin (DOGE) To Participate In DLMining Cloud Mining Bitcoin And Easily Achieve $5,000 In Daily Income

July 29, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Is it really possible to sell Memecoins?

July 29, 2025

Encryption Inheritance Update: July 2025

July 29, 2025

Charting the Course for the Future of Decentralized Platforms

July 29, 2025
Most Popular

Arcium raises $5.5 million in strategic round to develop ‘confidential computing’ network

May 9, 2024

The analyst says Cardano remains in a ‘severe recession phase’ but ‘there are many opportunities ahead’.

October 11, 2024

Why is the smart money betting on a $ 2.5 million supercycle

April 27, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.