Total or global, the open position of Bitcoin futures reached an all-time high of $ 14 billion. This figure is also a turning point.
The record-breaking open position in global Bitcoin futures contracts comes at a time when the Binance price, BTC’s local peak value of $ 40,960, is set. Reaching this price level, Bitcoin formed what appears to be a rising triangle as shown on the daily BTC / USDT chart below.
The following can also be observed from the daily Bitcoin chart above:
- The ceiling of Bitcoin’s ascending triangle is in the $ 39,000 – $ 42,000 price zone.
- This region will be crucial for Bitcoin, which declared its all-time high before the end of February.
- The daily MACD is in the bullish zone and is not showing any weakness yet.
- Both the daily MFI and RSI did not enter the overbought zone at 74 and 68 respectively.
- Presumably, Bitcoin is trying to break the upper limit of the rising triangle in the days following.
- Possible effects of the Chinese New Year on bitcoin
- However, as the Chinese new year is about to begin, miners will likely want to sell their bags near the $ 40,000 level, thus hindering bitcoin from moving forward.
This year, the Chinese New Year begins on February 12, and a 16-day event market is set up, with traveling for fun or visiting family and friends, among other celebrations. Therefore, it is natural for miners to want to sell BTC bags in preparation for events.