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Bitcoin returns to “pre-crisis” levels

  • Bitcoin futures open positions continue to increase.

  • Now their number has reached levels observed before the March collapse..

  •  An increase in open positions and trading volume may indicate an upcoming growth

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Open Positions in Bitcoin Futures on CME Continue to Rise, Reaching Pre-March Sale Level.

Bitcoin futures are recovering from a strong fall in March. Last month, the amount of open positions fell after a historic sell-off when the entire cryptocurrency market collapsed by about 50% in one day..

Bitcoin is catching up

Bitcoin futures exchanges are on the rise again, suggesting a possible strengthening of the market.

Bitcoin returns to 'pre-crisis' levels

As recently reported by user Unfolded (@cryptounfolded), interest in Bitcoin is steadily growing, and yesterday the volume of open positions jumped sharply..

The number of open positions quickly increased in February before the markets were swept by the panic related to COVID-19..

Bitcoin returns to 'pre-crisis' levels

Growth began to recover from mid-April, according to BeInCrypto. This rebound appears to reflect uptrends in major US financial markets. Futures volume also surged this month, with the largest daily spike in early April.

Market reshuffle

The March collapse led to a change in positions in the Bitcoin futures market. At the moment, Binance and Huobi have become the market leaders in terms of trading volume. BitMEX, once # 1 in futures trading, is now down to # 4.

It is not yet known if these changes will last, but BitMEX’s reputation has suffered the most. The exchange was accused of the collapse that occurred on March 12; many users noticed that after the exchange closed for maintenance, the record sale stopped.

At the time of writing, Bitcoin is holding above $ 7,700 and showing relatively stable daily gains. Despite market turbulence, trading volumes remain high compared to last year.

However, traders need to monitor macroeconomic indicators to better assess the short-term outlook..

Bitcoin returns to 'pre-crisis' levels

Many remain concerned that the global recovery may not be as confident as expected, although the IMF says a “V-shaped recovery” is still possible.

Do you think open interest in the futures market can be considered a reliable indicator of growth? Share your opinion in the comments.


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