{"id":498756,"date":"2022-10-06T18:20:12","date_gmt":"2022-10-06T15:20:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\/"},"modified":"2022-10-06T18:20:12","modified_gmt":"2022-10-06T15:20:12","slug":"violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\/","title":{"rendered":"# &#8216;Violent&#8217; Bitcoin breakout due as BTC open interest nears all-time high"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a30ada840b3a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a30ada840b3a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\/#%E2%80%9D_%E2%80%98Violent_Bitcoin_breakout_due_as_BTC_open_interest_nears_all-time_high_%E2%80%9C\" >&#8221; &#8216;Violent&#8217; Bitcoin breakout due as BTC open interest nears all-time high &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\/#Bitcoin_whale_activity_highlights_the_importance_of_19000\" >Bitcoin whale activity highlights the importance of $19,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\/#Futures_open_interest_approaches_a_record_604000_BTC\" >Futures open interest approaches a record 604,000 BTC<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_%E2%80%98Violent_Bitcoin_breakout_due_as_BTC_open_interest_nears_all-time_high_%E2%80%9C\"><\/span>&#8221; &#8216;Violent&#8217; Bitcoin breakout due as BTC open interest nears all-time high &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ebd806f>Bitcoin (BTC) stayed rangebound at the Oct. 6 Wall Street open with traders already planning for a \u201cviolent\u201d breakout.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/3af24350-3ee5-4a38-be37-b9f8b677d760.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_whale_activity_highlights_the_importance_of_19000\"><\/span>Bitcoin whale activity highlights the importance of $19,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> followed BTC\/USD as it moved up and down by only a matter of a few hundred dollars on the day.<\/p>\n<p>The amount of $20,000 formed a focus for the pair, which meandered in step with consolidating U.S. equities and dollar strength.<\/p>\n<p>With no spot catalyst in sight on short timeframes, on-chain analytics resource Whalemap turned to largescale buy and sell points to sketch out likely support and resistance.<\/p>\n<p>To the downside, $19,174 marked the site of whale buy-ins, suggesting its continued strength as a line in the sand.<\/p>\n<p>Bullish progress, meanwhile, would have to contend with a cloud of resistance at $21,500.<\/p>\n<p>\u201cDon&#8217;t be distracted by the noise,\u201d the Whalemap team <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1577722278737055761\/photo\/1\">commented<\/a> alongside a chart showing the key levels overnight.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/3614cb80-b9da-4d5e-9401-192289b1f7aa.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Whalemap\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, $19,000 was already on the radar, reflecting the broader aggregate price sold for the BTC supply \u2014 Bitcoin\u2019s so-called \u201cinvestor cost basis.\u201d<\/p>\n<p>Elsewhere, others targeted $21,000 as a likely turning point should a spate of bullishness kick in.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Futures_open_interest_approaches_a_record_604000_BTC\"><\/span>Futures open interest approaches a record 604,000 BTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On longer timeframes, meanwhile, popular trading account Daan Crypto Trades <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1577058817551978497\">flagged<\/a> an impending triangle breakout for BTC\/USD after weeks of comparative sideways trading.<\/p>\n<p><strong><em>Related:\u00a0BTC price still not at \u2018max pain\u2019 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>&#8220;$BTC The only two lines you need for the next week,&#8221; he summarized.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1577058817551978497\"><\/a><\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/8222935d-fe2d-48a1-801c-b52147dd3548.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Daan Crypto Trades\/ Twitter<\/em><\/figcaption><\/figure>\n<p>On derivatives markets, traders were steadily adding dry powder, which could fuel a \u201cviolent\u201d end to the status quo.<\/p>\n<p>\u201cAs bitcoin consolidates around $20,000, BTC denominated futures open interest sits just below all time highs at 604k BTC,\u201d Dylan LeClair, senior analyst at UTXO Management wrote in a dedicated thread on the day. <\/p>\n<blockquote><p>\u201cWhether up or down, when bitcoin breaks out of its current range, it&#8217;ll likely be a violent move.\u201d<\/p><\/blockquote>\n<p>LeClair noted that the all-time high in open interest was mainly collateralized by stablecoins, marking a distinct change from the heavy upside volatility seen in April 2021, when BTC\/USD hit $58,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/0077398b-aa45-42ce-a901-aadea0b37799.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin futures open interest chart. Source: Dylan LeClair\/ Twitter<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/violent-bitcoin-breakout-due-as-btc-open-interest-nears-all-time-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; &#8216;Violent&#8217; Bitcoin breakout due as BTC open interest nears all-time high &#8220; Bitcoin (BTC) stayed rangebound at the Oct. 6 Wall Street open with traders already planning for a \u201cviolent\u201d breakout. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin whale activity highlights the importance of $19,000 Data from Cointelegraph Markets Pro and TradingView followed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":498757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmUyNWZmZGUtMzZkOS00NDBiLWI3M2YtNTA0ZWEyMmFlN2NjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,74863,75150,73785],"class_list":["post-498756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=498756"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/498757"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=498756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=498756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=498756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}