The crypto market continues to hold strong after a monumental week of buying pressure that saw Bitcoin hit $35K for the first time since May 2022. Bitcoin climbed from $33.4K less than 12 hours ago and is now trading at $34.1K. Ethereum made a similar pump from $1,750 to $1,790.
Meanwhile, Bitcoin Minetrix ($BTCMTX) has just surpassed the $2.5 million mark at presale, signaling immense market interest and a bright future.
Open Interest Spike and $4.5B Options Expiration Causing Bullish BTC and ETH Charts
Crypto exchange Deribit has seen open interest spike above $20 billion for leading cryptocurrencies, Bitcoin and Ethereum. Open interest is a measure of the amount of the amount of open positions in an assets contract and can help determine market sentiment and strength.
The current open interest on Deribit is almost at the same level as when Bitcoin reached its peak price of $66,000 in November 2021. This is a sign that optimism is growing and likely that retail investors are gaining confidence, which could be followed by an influx of new liquidity.
Meanwhile, data on the exchange also shows that $4.5 billion worth of option contracts expired yesterday. This acted as a significant cause of volatility and uncertainty among market participants.
However, its recent price action indicates a positive market sentiment, with Bitcoin’s price dipping in the build-up but quickly recovering. The BTC price chart below shows that it sold off to its support from earlier this week at $33.7K but attracted strong buyer interest and was followed by two green 4-hour candles.
Moreover, its price found support at the monthly volume weighted average price (VWAP) and is nearing the neutral zone of the RSI.
These factors are all bullish, hinting that the recent sell-off may have acted as a cooling-off period for Bitcoin to rally again.
CoinMarketCap user Satoshi_Club recently noted that Bitcoin’s illiquid supply has hit an all-time high, with 78% of BTC now held by long-term holders. According to the analyst, this indicates “a growing pool of holders committed to their long-term $BTC investments.”
Ethereum is also showing strength recently, with prominent TradingView analyst TradingShot noting that Ethereum is forming a “megaphone” chart pattern on a downtrend. According to the analysis, ETH will bounce from the megaphone support to the top of the range at $1,755, which also coincides with where the 200-day moving average will be.
Yet, while Bitcoin and Ethereum are pushing ahead, both are outpaced by Bitcoin Minetrix, a revolutionary crypto mining solution that analysts predict will 10x.
Stake-to-Mine Bitcoin Minetrix Raises $2.5 Million With Investors Drawn to Passive Rewards
Bitcoin Minetrix is a new Bitcoin mining protocol built on Ethereum. The project revolutionizes and democratizes mining, enabling anyone to get started by simply having an Ethereum-compatible wallet.
It works by users staking $BTCMTX tokens on the platform and receiving mining credits, which they can burn for cloud mining power, translating to free Bitcoin.
This concept requires almost zero effort, technical knowledge, or upfront cost from the user, making it quick and convenient to start. With this in mind, the project opens Bitcoin mining to a much broader audience.
One of the most exciting factors about the presale is that besides the innovative value that it brings to the Bitcoin network, the $BTCMTX token holds immense upside potential. This is because users require it for staking but will be paid in mining credits, meaning there will be significant demand and limited supply.
With such a use case and analysts’ backing, it is no surprise that the presale has raised a whopping $2.5 million in one month. Currently, $BTCMTX’s price is $0.0112, but buyers must be fast because it will incrementally throughout the presale.