Bitcoin Crosses $64k: Will BTC Price Reach $70k as Open Interest Hits $36B?

Crossing above the $64,000 mark, the Bitcoin price has increased by 1.89% in the past 24 hours. With a market cap of $1.26 trillion, Bitcoin dominates 56.7% of the crypto market. 

Currently, Bitcoin is trading at $64,066, with an intraday gain of 1.94%. Will a potential breakout run in Bitcoin result in a new all-time high month? Read our BTC price analysis now to know more.

Bitcoin (BTC) Price Analysis

In the daily chart, the BTC price action reveals a bullish reversal, starting with a morning star pattern, nearly 200 EMA, gaining momentum. From its 7-day low at $58,867, Bitcoin has increased by 8.83% in the past four days. 

Furthermore, a double-bottom reversal is witnessed from the 200-day EMA to cross above the 50% Fibonacci level at $63,847. 

With a bullish pattern breakout, surpassing a crucial resistance of 50% Fibonacci, Bitcoin is ready to challenge the overhead trendline. The overhead trendline completes a channel pattern of a bullish flag, containing momentum for over the past six months. 

In the daily chart, the Supertrend indicator reveals the BTC price sustaining in the buying segment with a bullish crossover in the MACD and signal line. Hence, the technical indicators maintain a buy signal for BTC.

With a bullish breakout of the overhead trendline, Bitcoin will likely challenge the 78.60% and 100% Fibonacci levels at $69,471 and $73,679, respectively. 

Closer Inspection in 4H Chart

In the 4-hour chart, a closer inspection of the price action reveals a pullback breakout rally. With three consecutive bullish engulfing candles, the BTC price action surpasses a crucial resistance at 61.80% Fibonacci level at $63,560 in the 4-hour chart. 

Furthermore, the massive divergence in the 4-hour RSI line supported the bull run in the double-bottom reversal. Thus, the momentum indicator reflects massive underlying demand. The 4-hour Bitcoin candle reveals a lower price rejection from the 61.80% level, reflecting a second post-retest reversal. 

In the 4-hour chart, the Fibonacci levels paint a short-term target at $65,969, $67,684, and $69,865. On the flip side, the 50-day and 200-day EMA maintain a positive alignment and provide dynamic support at $62,400, $62,000, and $61,900. 

Bitcoin Derivatives Support Uptrend With Open Interest Crossing $36B

As the BTC price gains momentum, the derivatives market reveals a positive change in the underlying sentiment of the leveraged traders. The Bitcoin trading volume has increased by 74% and is close to the $50 billion mark. Further, the BTC open interest has increased by 3.84% to cross the $36 billion mark. 

Meanwhile, the Bitcoin options open interest stands at $20.94 billion with a 1.20% rise and a 1.23 billion volume, reflecting a 118.53% surge. The 24-hour long-to-short ratio for BTC stands at 1.064, reflecting a higher number of long-sighted positions. Meanwhile, the BTC traders over Binance maintain a similar long-to-short ratio, either based on accounts or positions. 

Supporting the bullish data, the 24-hour liquidations account for $53.18 million, constituting $40.82 billion in short positions liquidating. 

Curious to know if Bitcoin will hit $100k in 2024? Find a technical and logically driven answer in Coinpedia’s BTC price prediction for 2024 to 2030!