The Bitcoin market is buzzing ahead of a crucial decision by the US Federal Reserve. Open interest in the leading crypto has seen a dramatic increase of $2 billion, reflecting investors’ anticipation of a likely interest rate cut in September.
The Fed opens the way to monetary easing!
Bitcoin open interest has surged since the Fed’s minutes of the last meeting were released. Despite the status quo on rates in July, the tone of the document clearly suggests an imminent change in direction.
” The majority of participants noted that disinflationary pressures are likely to continue in the coming months.” , indicates the reportThis prospect of monetary easing immediately galvanized investors.
On Wall Street, the main indices closed higher on Wednesday, continuing their progression on Thursday.
The crypto market is not far behind, with a spectacular jump in open interest on Bitcoin. According to data from CoinGlass, it increased by 5.53% to reach $32.34 billion, a level not seen since early August.
A bullish signal for the Bitcoin price?
The simultaneous increase in open interest and the price of Bitcoin is generally interpreted as a bullish signal. It suggests the arrival of new capital in the market, which could support the price increase.
Bitcoin has also crossed the $61,000 threshold several times in the last 24 hours, marking a 3% increase on the BTC.
However, caution is still required. The long/short ratio of 0.9444 over 24 hours indicates a slight predominance of short positions. Investors therefore seem divided on the short-term evolution of the market.
Bitcoin will have to confirm its crossing of $61,000, a level that has acted as psychological resistance since the beginning of August, to convince the most skeptical.
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