bullish

Bitcoin

Reversal

Billion

<p>The Bitcoin market is heating up ahead of a crucial decision by the U.S. Federal Reserve. Open interest in the leading crypto has seen a dramatic increase of $2 billion, reflecting investor anticipation of a likely interest rate cut in September.</p> 
<h2 id="h-la-fed-ouvre-la-voie-a-un-assouplissement-monetaire">The Fed is paving the way for monetary easing!</h2> 
<p>Open interest in Bitcoin has seen a meteoric rise since the publication of the minutes from the Fed’s last meeting. Despite the <a href="https://www.cointribune.com/en/the-fed-maintains-its-interest-rates-the-crypto-market-falters/" target="_blank" rel="noreferrer noopener">status quo on rates in July</a>, the tone of the document clearly suggests an imminent change in direction.</p>
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<p>“<em>The majority of participants noted that disinflationary pressures should continue in the coming months</em>“, the <a href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm" target="_blank" rel="noreferrer noopener">report</a> indicates. This outlook for monetary easing has instantly galvanized investors.</p> 
<p>On Wall Street, major indices closed higher on Wednesday, continuing their rise on Thursday.&nbsp;</p> 
<p>The crypto market is no exception, with a spectacular surge in open interest in Bitcoin. According to CoinGlass data, it increased by 5.53% to reach $32.34 billion, an unprecedented level since early August.</p> 
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<h2 id="h-un-signal-haussier-pour-le-cours-du-bitcoin">A bullish signal for Bitcoin price?</h2> 
<p>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, likely to support rising prices.&nbsp;</p> 
<p>Bitcoin has crossed the $61,000 threshold several times in the last 24 hours, marking <a href="https://www.cointribune.com/en/bitcoin-surpasses-60000-another-temporary-surge/" target="_blank" rel="noreferrer noopener">a 3% rise in BTC</a>.</p> 
<p>However, caution is still advised. The long/short ratio of 0.9444 over 24 hours indicates a slight predominance of short positions. Investors seem divided on the short-term market outlook.</p> 
<p>Bitcoin will need to confirm its breakthrough of $61,000, a level that has acted as a <a href="https://www.cointribune.com/bitcoin-btc-une-resistance-sur-le-rsi-de-trois-jours/" target="_blank" rel="noreferrer noopener">psychological resistance</a> since early August, to convince the skeptics.</p>

Open Interest in Bitcoin Skyrockets from $2 Billion at the Dawn of a Fed Reversal

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