key points:
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On 20 May, Bitcoin gained a 3% gains of 3% above $ 105,000 on 20 May, increasing high open interest and institutional demand in the futures market.
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A classic bullish pattern is in the game, which is $ 138,000 and beyond the BTC value.
Bitcoin (BTC) is above today, increased by more than 3% in the last 24 hours to more than $ 105,500 on 20 May.
Data Pro from cointelegraph markets and Tradingview The BTC/USD pair showed up to 5% at a high level of $ 107,148 from a low of $ 107,148 on 20 May on 20 May.
Let’s take a look at factors that increase the price of bitcoin today.
Spot bitcoin ETF flow promotes BTC price
The recent price growth of bitcoins coincides with increasing capital flow in the American spot bitcoin exchange-traded funds (ETFs), which highlights the increasing demand for regulated risk for cryptocurrency.
Spot Bitcoin ETF has recorded 18 out of the last 21 days, which is depositing a total of $ 6.9 billion in new capital in three weeks. Statistics from Ferrside investors,
Additional data from coinshares It is revealed The institutional investors claimed their optimism in the Crypto markets as $ 785 million was swept away by crypto investment products, marking a five -week line.
Bitcoin investment products have attracted $ 557 million to flow in the last one week, reflecting the growing investor in bitcoin as a long -term property.
Corporate investors had more institutional demand, with strategy, earlier microstrati, top corporate bitcoin holder, 7,390 BTC last week was priced at $ 765 million. Metaplanet of Japan has received about 1,004 BTC for about $ 129 million as per May 19. Announcement,
With an increase in institutional demand for bitcoins, the price is well deployed that the high level and price of all time continues to traject its top.
Bitcoin Oe did all-time high hit
The increase in long BTC posts in the futures market increased to $ 107,000 before the bitcoin rally. Bitcoin’s total open interest (OI) in the Derivatives market rose to a high time of $ 72.63 billion on 20 May to $ 57.1 billion on 19 April, data from the coating show.
The chart above shows that in the last 30 days, the OI of Bitcoin has jumped 27%, suggesting the increasing demand for leveraged BTC posts.
Additionally, Bitcoin CME Futures OI hit the 90-day high of 157,875 BTC on May 19, at that time the value of about 16.76 billion dollars was in accordance with Glasnode data.
With the current strong demand for BTC futures contracts, investors are expecting Bitcoin to have increased between October 2024 and the end of December 2024, when the 84% rally of BTC increased, its previous all-time with high $ 108,000 with high $ 108,000 continued.
Bitcoin’s cup-end-handle pattern targets $ 138,00
From a technical point of view, the BTC/USD pair is creating a cup-end-handle chart pattern on their daily chart since December 17, 2024.
A cup and handle setup is a technical formation that appears when the price falls at the beginning, followed by a U-shaped recovery, which makes the cup.
Recovery leads to a pullback move, which reduces the price trend inside a descending channel, making a handle.
The pattern is resolved when the value breaks over the handle, rally up to an almost equal size for pre -fall. Best BTC/USD daily chart shows a similar rapid technical setup.
Note that the price of BTC now trades over the handle range and is chasing a break above the neckline resistance for $ 106,000.
A decisive daily candlestick can lead to the BTC value above the neckline to withstand $ 109,000 all-time to high resistance.
Breaking this barrier will clear the route to the technical target of the chart pattern prevalent at $ 138,000, up to 31% from the current level.
As cointelegraph reported, a step of new height of $ 116,000 may come earlier this week.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
