Markets
BTC Futures Positions Record $37 Billion As Analysts Predict Bitcoin Rise to $83,000
Bitcoin Traders set a record for futures positionswith open interest exceeding $37.7 billion. The previous record of just under $37 billion was set in March, when bitcoin hit an all-time high of more than $73,000. The jump comes a day after spot Bitcoin ETFs extended their streak of net inflows to 18 days, also a record. The long-to-short ratio of BTC futures has exceeded 1, meaning there are more positions betting on prices rising than falling. The BTC price is currently around $71,340, an increase of 0.5% in the last 24 hours. The CoinDesk 20 Index (CD20) fell about 0.2%.
Bitcoin could be ready for an increase to $83,000, according to 10x Research analysis. The breakout depends on BTC breaking above $72,000 to complete an inverse head and shoulders pattern in which an asset experiences three price troughs, with the middle one being the deepest. This trend suggests that it is “only a matter of time” before the BTC price hits a new high, said 10x founder Markus Thielen. A break above $72,000, a rise of just 1% above its current price of around $71,300, could depend on U.S. non-farm payrolls data, which is due to be released scheduled for 8:30 a.m. ET. Weak data could strengthen the case for a Fed interest rate cut, reinforcing bullish momentum in risk assets, including cryptocurrencies.
Healthcare company Semler Scientific, which previously expanded its corporate strategy into buying bitcoin, said on Thursday he buys $17 million worth of BTC and prepares to raise $150 million so he can buy more. The company’s 828 bitcoins were acquired for $57 million and are now worth $59 million, according to market data from CoinDesk Indices. Collectively, publicly traded companies hold 308,442 BTC worth approximately $21.8 billion on their balance sheets, according to bitcointreasuries.net. Semler’s announcement in late May that he would buy $40 million worth of bitcoin sent his stock up 25%. SMLR shares rose just over 3% in premarket trading.