Main navigation

Bitcoin Futures Hint at Potential Price Increase: Bloomberg

Wed, 23/03/2022 - 11:29
Bitcoin Futures Hint at Potential Price Increase: Bloomberg
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to Bloomberg analysts, Bitcoin futures are on their way to recovery as traditional financial markets have shown strength in the last few days. As analysts suggest, they expect increase in open interest and a breakthrough of the triangle pattern, which will positively affect the price of the spot asset.

Breaking through the pattern

The symmetrical triangle on the Bitcoin charts was one of the main points for the whole market, as the spot trading pair touched both sides of the pattern numerous times in the last three months.

Bitcoin Chart
Source: Bloomberg

The more local version of the same pattern–ascending range could give us more hints about previous and current movements of the first cryptocurrency. According to it, Bitcoin is still ranging even after touching the bottom of the pattern at least three times.

Previously, the market was expecting a breakthrough after digital gold reached the resistance of the rangebound at $45,200. But because of the absence of significant buying power, Bitcoin failed to break above $45,000 and tumbled down to $37,925.

Open interest on the rise

Another factor that speaks in favor of digital gold is the global rise of open interest for derivatives assets, suggesting that the market is coming "alive," and traders are opening more positions than before.

Thailand to Ban Crypto Payments

The final signal toward the normalization of the market structure would be given after the first cryptocurrency breaks from the consolidation range and enters a new uptrend, which is already expected by industry experts like Willy Woo.

Previously, leading on-chain analysts stated that the nature of Bitcoin market cycles has completely changed, and we will not see the traditional "four-year halving cycles."


Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles