'Violent' Bitcoin breakout due as BTC open interest nears all-time high
Bitcoin futures open interest is almost higher than ever, but its composition is completely different from last year, analysis reveals. Bitcoin (BTC) stayed rangebound at the Oct. 6 Wall Street open with traders already planning for a “violent” breakout . BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin whale activity highlights the importance of $19,000 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it moved up and down by only a matter of a few hundred dollars on the day. $20,000 formed a focus for the pair, which meandered in step with consolidating U.S. equities and dollar strength. With no spot catalyst in sight on short timeframes , on-chain analytics resource Whalemap turned to largescale buy and sell points to sketch out likely support and resistance. To the downside, $19,174 marked the site of whale buy-ins, suggesting its continued strength as a line in the sand. Bullish progress, meanwhile, would have to contend with a cloud of r...