[Bitcoin Price Indicators Suggest New All-Time Highs in 2024]
Bitcoin price has rebounded more than 25% from its September 6 low of around $52,546, with on-chain and technical indicators suggesting the recovery may continue and reach new highs. Bitcoin’s open interest (OI) weighted perpetual futures funding rate hit 0.0136%, the highest level since June 7, according to data from CoinGlass, indicating strong bullish sentiment in the market in the short term.
While an increase in OI shows rising investor interest, growth in open interest does not necessarily mean bullishness as buyers and sellers are always matched in the futures market. However, this could increase market volatility.
On-chain data also shows Bitcoin’s supply on exchanges near a five-year low, suggesting traders tend to hold on to Bitcoin rather than sell. As of October 15, approximately 2.68 million Bitcoins were held on exchanges, down 20% from 3.37 million in July 2021.
Bitcoin demand is also being driven by increased demand from institutional investors for spot Bitcoin exchange-traded funds (ETFs). U.S. spot Bitcoin ETF inflows have been positive in four of the past seven days, with single-day net inflows reaching $555.8 million on Oct. 14, the highest since June, according to data from SoSoValue Investors.
