Bitcoin Eyes New All-Time Highs as Open Interest Surges
Bitcoin (BTC) has surged over 25% from its September low of $52,546, with indicators pointing towards new all-time highs, potentially surpassing $75,000.
Key Highlights:
Bitcoin Open Interest (OI): OI in perpetual futures has hit a multi-month high, signaling bullish trader sentiment. However, high OI can also lead to increased market volatility.
Supply on Exchanges: Bitcoin held on exchanges has dropped to a 5-year low, suggesting investors are holding, not selling, which could drive prices higher.
Institutional Demand: Spot Bitcoin ETFs are seeing rising demand, with over $555.8 million in net inflows on October 14 alone.
Price Projections: Analysts predict BTC could hit $233,000 by early 2025, based on strong support levels and bullish RSI trends.
With strong support at the 200-day SMA, Bitcoin's upward trend looks promising.
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