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- Published: November 25, 2021 17:54
New Delhi: Amid Fear, uncertainty, and doubt (FUD) regarding the cryptocurrency, analysts are discussing whether Bitcoin’s $69k was the peak of this bull run or new All-time High is on its way.
As per Arcane Research, sentiment measuring metrics highlight the differences between the two different tops. Among these metrics, the first relevant metric is the futures open interest indicator. This indicator depicts the total amount of BTC involved in futures contracts at the end of a trading day.
Here’s the difference between April and November peaks:
April 14th ATH had more open interest
As per the graph, April’s peak shows that BTC had almost 50K BTC in open interest. This difference means that there was much more excess leverage in the market at that time.
After the futures open interest indicator, here’s the unregulated futures’ basis between two highs. As per experts, ‘Basis’ is basically the difference between BTC’s price and the futures price.
As the graph depicts, On April 14th, the unregulated futures market basis reached almost 50% on the other hand it was just 17% during the November session.
The ‘Basis’ difference between the CME and unregulated market was higher for the last ATH. The Funding rates also showed higher values for the period.
These metrics help us to see that the futures froth was clearly more pronounced during the April ATH session and it also tells that market was more overextended.
Two other indicators, however, had higher values for Nov 10th. The first of these was the fear and greed index, a metric that measures how fearful or greedy the market is.
However, the two other indicators show higher values for Nov 10th ATH. The first indicator out of two is the Fear and Greed Index, which records how fearful or greedy the market is and the other is the global open interest share of Bybit and Binance.
Take a look:
As per the graphs, the drawn-out conclusion can be that the $65k April peak has some clear differences from the $69k November ATH. There are possible chances that this is not the end of the bull run and best is yet to come and many experts back this idea.
Here is a price trend chart of BTC over the past five days:
