Today’s growth of main cryptocurrency spurred surge of open interest on Binance and FTX
Open interest in bitcoin is growing rapidly on major global platforms such as Binance and FTX, according to data provided by a researcher at the Crypto Analytics Agency. kaiko, The same data is confirmed by data from Coinglass. According to the portal, the growth of open interest in BTC futures was 18.8% on Binance and 14.35% on FTX.
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 is the next step?
At this point, it is important for Bitcoin to gain a foothold above $21,000 to continue its rise. The main resistance so far is the $21,000-$21,500 block. If the buyers continue like this, it looks like the $22,400-$23,000 levels are not far away.
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 eagerly to any news: from the release of news reports that are worse than expected, to energy, food and other data from the respected agency on geopolitical issues in particular.
