Bitcoin (BTC) is pushing the top: 5 critical elements for the bull season!

$BTC , which broke $ 65,000 with net inflows from spot ETFs, tested $ 66,900 in a short time. The leader of cryptocurrencies that move upwards with dominance naturally excited investors.

Bitcoin's open position (OI) weighted continuous futures funding rate reached its highest level in months. The data in question shows that the current upward trend may continue in the short term. According to CoinGlass data, the current Bitcoin OI weighted funding rate is at 0.0136 percent. This level was seen on June 7, when Bitcoin briefly reached $ 71,950.

Positive funding rates generally indicate bullish market sentiment. However, it should be interpreted with caution considering the volatility in cryptocurrencies. According to data from crypto data platform CryptoQuant, Bitcoin open interest (OI) across all exchanges reached an all-time high of $19.7 billion on Oct. 15. This signals more price action as more capital flows into the market.

Bitcoin’s potential to reach new record highs is evidenced by on-chain data tracking the supply of $BTC on exchanges, according to data from CryptoQuant. This supply has fallen to a nearly five-year low.

As of Oct. 15, centralized cryptocurrency exchanges held approximately $2.68 million worth of BTC. This represents a 20 percent drop from the all-time high of $3.37 million reached in July 2021. This comes amid a 55 percent year-to-date growth in Bitcoin’s price.

According to data from SoSoValue Investors, U.S.-based spot Bitcoin ETFs have seen positive flows in four of the last seven trading days, indicating continued interest from institutional investors in these investment products. On Oct. 14, these investment products saw their highest net inflows since June 4, collecting more than $555.8 million.

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