Bitcoin continues to struggle below $9,800 after a decline towards $9,500 support with another possible downside. However, information about the total BTC open interest signals that Bitcoin would necessarily not bottom again.
After the sharp decline in the Bitcoin total option interest seen early January, the graph of the open interest has been on the upside. Bitcoin’s total open interest fell by 50% at this time, moving from $500 million to $250,000.
While the year has been favorable for Bitcoin and the entire cryptocurrency market, $1 billion valuation is now the resistance of the Bitcoin options Total Open Interest.
Image Credit: Twitter.
The open interest rallied above $900 million region in the last few days but fell back to around $750 million later. As revealed in the graph, CME Bitcoin futures took the lead. About 5 days ago, CME reported that their Bitcoin futures hit an all-time high of 6,512 contracts on February 14.
Our Bitcoin futures reached an all-time high open interest of 6,512 contracts on February 14, surpassing the prior record by more than 6%. We also reached a new record of large open interest holders on February 11, now 59. https://t.co/pbAu6wMMqa pic.twitter.com/2VWlqprocV
— CMEGroup (@CMEGroup) February 20, 2020
Analyst Rager Remains Bullish on Bitcoin, Lauds $12K Price
In spite of the worrisome pullback witnessed at present, renowned crypto analysts Josh Rager has said he remains bullish on the trend of Bitcoin in the market. He said his sentiment would remain like this until the situation changes.
Rager said Bitcoin has just exhibited another daily close above $9500 allowing the cryptocurrency to maintain stability against the bear. The analysts added that Bitcoin is now on a price sustaining mid-channel.
Rager furthered that the Whales in the market are capable of pushing Bitcoin high to a level around $12K.
“Bitcoin Whales, We have all canceled our shorts and are ready for you to take us to $12k,” Rager stated.
Analysts Josh Rager said he would only change his sentiment if Bitcoin sees a close below $9500 on weekly or $9300 on daily.