Yes

>>Bitcoin's market is showing signs of recovery, with a significant increase in futures contracts suggesting potential for further price increases.

Bitcoin's market is showing signs of recovery, with a significant increase in futures contracts suggesting potential for further price increases.

crypthub

2 days ago

Bitcoin Reaches New Highs

Bitcoin's price recently surged to a new all-time high above $125,000, marking a remarkably positive period. Following this rise, the cryptocurrency experienced a slight pullback, yet momentum persists. Several key metrics have signaled a return to bullish trends in the market.

Bullish Sentiment and Futures Open Interest

Bitcoin investors are demonstrating renewed bullishness due to the recent price increase. The Futures Open Interest metric has sharply increased, indicating a heating derivatives market. This rise reflects a wave of renewed bullish sentiment and investor conviction.

Support Levels and Market Dynamics

Glassnode has identified potential support levels between $121,000-$120,000 and near $117,000. A decline into these areas might draw in additional demand as buyers defend these levels. Selling pressure from the derivatives market has lessened, signifying a shift in dominance.

Derivatives Market and Future Trends

The BTC Net Taker Volume metric has moved from a low to near-neutral levels. This shift suggests potential for a sharp move into strongly positive territory. Monitoring this metric is key to observing buyer intervention and support levels.