Key Points
- Bitcoin (BTC) is eyeing a potential surge to $83,000 following a bullish breakout.
- Open interest in BTC-tracked futures has hit a record high, surpassing $37.7 billion.
Bitcoin (BTC), the world’s leading cryptocurrency, has been maintaining a steady price around $71,000.
Many on-chain indicators suggest a potential surge in the near future.
Expected Surge in Bitcoin Price
According to a report from 10x research, there is a possibility that the price of Bitcoin could skyrocket to $83,000.
This prediction is based on a bullish price pattern on the daily chart.
A move above $72,000 would confirm a breakout from an inverted head-and-shoulders pattern.
This pattern is characterized by three price troughs, with the middle one being the most pronounced.
Markus Thielen, the founder of 10x Research, believes it’s only a matter of time until Bitcoin reaches a new all-time high.
He suggests a rally towards $83,000 could occur soon, with the resistance line likely to be broken within the next few days.
Record High in BTC-Tracked Futures
Traders of Bitcoin have recently hit a new milestone.
Open interest in BTC-tracked futures has surged to an all-time high, exceeding $37.7 billion.
This figure surpasses the previous peak of nearly $37 billion, which coincided with Bitcoin’s fresh highs of $73,700.
Data from CoinGlass shows that over $5 billion in open interest has been added since Monday.
During this period, BTC prices climbed from around $68,500 to $71,000.
Among the contributors to the record open interest, the Chicago Mercantile Exchange (CME) leads with bets totaling $11 billion.
Crypto exchange Binance follows closely with $8 billion.
The substantial long-short ratio suggests a prevailing bullish sentiment among traders.
This reflects confidence in Bitcoin’s upward trajectory.
Upcoming BTC Options Expiry
Greeks.Live provided an overview of the June 7 Options Data.
It revealed that 18,000 BTC options expired with a Put Call Ratio of 0.67, a Maxpain point of $70,000, and a notional value of $1.25 billion.
Currently, BTC’s major term implied volatility (IV) stands around 50%, while Ethereum’s (ETH) major term IV is around 55%.
Both have decreased to reasonable levels.
Looking ahead, the probability of this month’s BTC market is expected to be strongly correlated with macro news.
This is particularly true regarding the Federal Reserve’s interest rate cut.
