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BTC Premium Rates, Surge in Longs by Asset Managers on CME Indicate Long Term Bullish

  • With the volume dragging down, Bitcoin might not be able to close above $8,500

  • Open interest on Bakkt and CME surging, CME asset managers longs on BTC

  • CME premiums consistently higher than other platforms, institutional traders more bullish on BTC
Bitcoin has been experiencing a lot of ups and downs for the past few days. Currently, BT/USD is trading at $8,162 in green.
Will Bitcoin be breaking out of its descending channel? The digital asset is facing a key resistance level around $8,500 and its first attempt to break out of the six months long downwards trend was rejected on Jan. 8.
Initially, with the volume flowing in, it was a good opportunity for the bulls to take control and have a weekly close above $8,500 to make the case for a trend shift. But the volume has already started dragging down. From $1.6 billion earlier this week, the top ten exchanges with real volume are now trading only $625 million.
Also, looking back at October, when BTC price went from above $10,000 to $6,650 in late November 2019, it is possible that this time as well, BTC could experience a channel rejection and continue towards lower levels that could lead the digital asset to the $5,500 area.
Open Interest on Bakkt & CME Surging
Determining BTC’s next move might not be possible but everyone is trying and institutions are extremely excited about BTC’s future, according to the open interest on regulated crypto trading platforms.
The activity on Bakkt has started picking up its pace again as evident from the open interest that surged to new highs on Jan. 7 at $40.8 million.
During the first week of 2020, the weekly volume on Bakkt has been above 3,300 BTC on average which has been 25% higher than the previous week’s average.
To the moon we go this year. All crypto currencies will gain