Bitcoin (Bitcoin) Open futures contracts are imitating the beginning of a bull market in BTC prices, the data shows.
As BTC/USD hovered around $40,000 in Thursda, a new bullish report from Stack Funds called for “cautious optimism” for further price increases.
Bitcoin tried to sell $40,000 this week to provide support, returning to that level several times and Refuse to leave The most recent increase is a liquidation.
However, based on its latest weekly market assessment, Stack Funds believes that derivatives are continuing to give stronger hints to potential bullish prices.
Bitcoin open positions are currently showing a growth style characteristic of the fourth quarter of last year-a springboard for the current record high of $64,500.
“Those who want to accumulate at a lower price may miss big fluctuations, but don’t worry; re-adjusting your entry level can bring you more significant returns in the larger range of this super cycle,” the report Pointed out.
At the same time, this Friday will see a month-end expiration event for Bitcoin options, which at least in theory allows the release of potential selling pressure afterwards.
Bitcoin still needs a “clear breakthrough”
Stark went on to say that in light of recent events, regardless of short-term price strength, it is “unlikely” to return to a new low near the previous all-time high of $20,000.
related: Bitcoin failed to flip $40,000, and traders set their sights on $36,000 or lower for support
On the other hand, for the bulls, the untouched resistance band is still a dark cloud in front of them.
“There are still several major resistances in the future; for example, the resistance at $41,000, which coincides with the 1.618 Fib in July, and the daily 200MA level at $45,000,” the company added.
“Only when there is a clear breakthrough can we confidently say that the Bitcoin trend has reversed.”
Order book data from the major exchange Binance highlights the concentration of high resistance bands in the area above $41,000.
