Bitcoin Bull Cycle Targets $84K As Open Interest Hits $35B

With a boom in the crypto market, Bitcoin is approaching the $66K barrier, presenting a potential breakout opportunity. Will this breakout lead to a new all-time high?

The ongoing bull cycle has contributed to a 21.41% increase in BTC price, rising from $53,731 over the past three weeks and surpassing $65,500. Currently, Bitcoin is trading at $65,540, reflecting an intraday gain of 0.56% following a 3.21% jump yesterday.

Amid the recovering market, will the Bitcoin bull run continue to gain momentum and reach a new all-time high?

Bitcoin Price Analysis

According to Fibonacci retracement levels, Bitcoin’s uptrend has surpassed the 50% Fibonacci level at $63,568 and is heading toward the $69,032 mark, or the 78.60% level. Additionally, price action analysis indicates that the bull cycle is poised to challenge a resistance trendline within a falling channel pattern.

Bitcoin Price Chart

The bullish trend teases a potential crossover between the 50 and 100-day EMA. Furthermore, the MACD and signal lines are on a positive trend, with a gradual surge in positive histograms.

With a potential breakout rally on the horizon, Fibonacci levels indicate targets at $78,318 and $84,129, corresponding to the 1.272 and 1.618 Fibonacci levels, respectively.

Bitcoin’s Open Interest Surpasses $35B

Amid the broader market recovery, Bitcoin derivatives data reveals that open interest has surged by 2.22% over the last 24 hours. Currently, open interest stands at $35.79 billion, with a 66% increase in options value, now totaling $3 billion.

Bitcoin Derivatives

Additionally, trading volume has spiked by 52%, reaching $77.19 billion. Adding to the bullish sentiment, the long-to-short ratio over the past 24 hours has surpassed the one-unit threshold, currently at 1.0367.

Moreover, $32 million worth of short positions were liquidated in the past 24 hours, while long positions experienced a loss of $10.56 million. As the market turns bullish and the ongoing bull cycle gains momentum, top traders on Binance show a long-to-short ratio of 1.1081%.

US Spot Bitcoin Spot ETFs Goes on a Rally

On September 26, the U.S. Spot Bitcoin ETF market witnessed a massive inflow of $365.57 million, the largest in September. Currently, total U.S. Spot Bitcoin ETFs hold $60.03 billion worth of Bitcoin, accounting for 4.70% of the Bitcoin market cap.

US Spot Bitcoin ETF

With the biggest inflow from ARK and 21Shares’ ARKB at $113.82 million, followed closely by BlackRock’s IBIT at $93.38 million, the market is showing strong signs of recovery.

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