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- BTC spot trading volume contributed more to its price uptrend.
- Open interest and spot volume see similar trends at around $15 billion.
In the past few days, Bitcoin [BTC] experienced a notable increase in trading volume, which has contributed to its upward price trend. It’s important to note that a significant portion of this increased volume is attributed to a specific set of trades.
Read Bitcoin (BTC) Price Prediction 2023-24
Bitcoin spot trading volume pushes price trend
IntoTheBlock’s recent post sheds light on the recent price uptrends in Bitcoin over the past few days. Data analyzed by AMBCrypto showed that price gains were primarily driven by increased trading activities, resulting in higher trading volumes.
It’s worth noting that the contribution from derivative trading was relatively minimal.
As per the observed chart, the ratio of Bitcoin’s open interest in perpetual swaps relative to its market capitalization (OI/MC) remains close to its lowest levels in the past year.
This indicates that the trading volume affecting the price trends stemmed from spot trading. This signifies that the price trend was influenced by regular demand rather than leveraged trading in derivatives.
Open interest and spot volume display similar value
The Bitcoin volume chart on Santiment and the Open Interest chart on Coinglass are currently displaying similar values.
At the time of writing, the volume chart on Santiment indicated a figure of approximately $15.2 billion.
Notably, it shows a recent decrease in trading volume over the past few days. Conversely, the Open Interest chart on Coinglass displayed a value of around $15.4 billion at the same time. However, the OI volume displayed an upward trend.
Bitcoin sees slight declines
The daily price trend chart for Bitcoin revealed a recent decline over the past few days. On 3 November, the price registered nearly 1% decrease.
The decline followed a similar drop of over 1% in the previous trading session. It is worth noting that despite these declines, Bitcoin’s price remained within the $34,000 price range.
At the time of writing, it was trading at approximately $34,800, showing a minor increase in value.
How much are 1,10,100 BTCs worth today
Additionally, the chart illustrates that Bitcoin continues to exhibit a robust bullish trend. The Relative Strength Index (RSI) line, as of the current moment, remains above 80.
This indicates that Bitcoin is in an overbought state and is maintaining its strong bullish momentum.