Today’s growth of main cryptocurrency spurred surge of open interest on Binance and FTX
Open interest in Bitcoin on major global platforms like Binance and FTX is growing sharply, according to data provided by a researcher from crypto analytics agency Kaiko. The same data is confirmed by statistics from Coinglass. According to the portal, the growth of open interest in BTC futures was 18.8% on Binance and 14.35% on FTX.
— Riyad Carey (@riyad_carey) September 9, 2022
The surge in open interest in Bitcoin is the result of the major cryptocurrency rising nearly 9% today. After strong swings in the face of the Fed, ECB and SEC, Bitcoin survived the “shakeout” and broke through the resistance to both $19,500 and $20,500.
What’s the next step?
At this point, it is important for Bitcoin to get a foothold above $21,000 to continue its growth. The main resistance so far is the block of $21,000-$21,500. If buyers continue in the same vein, it seems that the levels of $22,400-$23,000 are not far off.
The U.S. stock market is also doing well, which is important given the tight correlation between the traditional and crypto markets. The S&P 500 is targeting the $4,100-$4,160 level, from where it is worth watching for a further reaction.
It is not unreasonable to say that one should not succumb to the fear of missing out. The market is now reacting anxiously to any news: from the release of news reports that are worse than expected, to other data from the respected agency on energy, food and, especially, geopolitical issues.