Bitcoin futures market mimics last year’s end

The new data shows that the open interest of the Bitcoin (BTC) futures market mimics the beginning of the last bull market.

While the BTC/USD pair hovered around $40,000 on Thursday, the new report from Stack Funds gave positive signals for the price rise.

Bitcoin has tried to break past $40,000 several times this week and turn that level into support.

In its latest report, Stack Funds stated that the derivatives market gives strong signals that the price rise will continue.

The open positions of the Bitcoin futures market present similar images to the last quarter of last year, when the bull market started, which currently carries BTC to $ 65 thousand.

“Those who want to save at a lower price may have missed the opportunity due to high volatility,” the report said. “On the other hand, re-adjusting entry levels can give you more serious payoff in the big picture of this super cycle.”

Open interest chart of the Bitcoin futures market. Source: Bybt

In the Bitcoin options market this Friday, monthly contracts expire and risk increasing selling pressure, at least in theory.

Stack explained that in light of current events, Bitcoin’s return to $20,000 is unlikely, regardless of short-term price strength.

On the other hand, the resistance bands that BTC has not touched yet remain a dark cloud on the horizon for the bulls.

“For next July, $41,000, which coincides with the 1.618 Fibonacci level, and $45,000, which is the 200-day moving average, stands as resistance,” the company added.

“Only when there is a clear breakout can we say that the trend of Bitcoin has changed.”

Binance’s order book data reveals serious resistance above $41,000.

As of July 29, the buying and selling levels of BTC/USD (Binance). Source: Material Indicators/Twitter

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