As bitcoin price remains in its range-bound channel, other indicators are slowly turning bullish for the king of crypto. BTC has held on to five figures as we begin the weekend and bigger things could be in store as open interest mounts up.
Binance and BitMEX Building Up Bitcoin
Looking at on-chain flows for the past 24 hours shows positive action going on at a number of the world’s largest exchanges. The inflow has exceeded the outflow of bitcoin on Binance, BitMEX and Bitstamp indicating that accumulation has started to occur.
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— TokenAnalyst (@thetokenanalyst) September 6, 2019
While prices across the board have taken a slight dip over the past 24 hours, bitcoin price remains relatively stable within its consolidation range. Since the same time, last Saturday BTC has gained almost 8% but has yet to form a clear direction.
That could be all about to change as the futures market heats back up. Open interest is a measure total number of outstanding futures contracts that have not been settled for an asset. It provides a good picture of trading activity and direction of monetary flow.
For BitMEX at least it is the fourth time this summer that OI has reached $1 billion which is a bullish signal.
Bitmex open interest – 4th attempt this summer $1bln
Fasten your seatbelt!