Bitcoin (BTC): the institutional open position is on its annual record

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The bitcoin price always preserves the major technical support of $ 8,500, in a context of strong participation of institutional.

Key technical factors of the article:

  • The price of Bitcoin remains in its $ 8,500 / $ 10,000 range with a charted triangle hypothesis emerging.
  • The institutional open position on options and future BTC in Chicago is on its annual record with a balance of power between buyers and sellers

The technical framework of the crypto market has been generally stable since the BTC halving, the latter continuing to build a trading chart range between the support at $ 8,500 and the resistance at $ 10,000. We know the strength of the $ 10,000 resistance and the "clash" between institutional buy and sell traders is fierce.

According to data released weekly by the US futures market regulator, the CFTC, the institutional open position on Bitcoin is on its annual record. The open position represents buy and sell contracts, there is a relative balance between the two sides.

BTC Options & Futures: the institutional open position

This strong “volume” of open positions under $ 10K recalls the challenge posed by this threshold. The scenario of the resistance overshoot is confronted with the scenario of a new strong bearish rejection, the volatility will be high in both cases in view of the importance of the stock of open positions on the market and protective stop orders in place on the part and other of support and resistance.

As time goes on, the lateral phase of the BTC / USD becomes more refined and now takes the form of a chart. The support at $ 8,500 is now reinforced by a situation of upward “hidden” price / momentum divergence, one more argument for the “buying side” but not a blank check.

Accumulation VS Distribution… buyers of $ 8,500 and sellers of $ 10K look at each other in the white of their eyes. My personal opinion remains in favor of the underlying bullish trend, but only the market is always right, the market will decide.

Bitcoin price: daily chart made with TradingView

Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView.

This content is offered for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price swings.

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