Bitcoin halving countdown 5 days! Price breaks through $9,200

Author: Liang Che

Source: bitpush.news

According to Bitpush data, there are less than 5 days left until the third block reward halving of Bitcoin, the cryptocurrency with the largest market value. The price of Bitcoin has slowly risen again to break through US$9,200, with a daily increase of more than 4%.

In the past few days, the cryptocurrency market has been fluctuating slightly, and Bitcoin has not been able to break through the resistance level above $9,000. However, after a period of accumulation, Bitcoin may try to break through again.

According to data provided by crypto derivatives research firm Skew, open interest on the CME exchange rose to $351 million on Tuesday, the highest level since July 10, 2019. Compared with the recent low of $107 million on March 12, open interest has increased by 228%.

Arcane Research noted in its monthly report: “The increase in CME open interest suggests that professional traders are returning to the Bitcoin market.” Another possible influence is the rumored entry of Renaissance Technologies into CME futures trading, with its Medallion fund now able to trade in CME’s cash-settled Bitcoin futures market.

However, Darius Sit, co-founder and managing director of Singapore-based QCP Capital, said: "This is still small relative to the rest of the market, and open interest in the entire market is still low."

Bloomberg analyst Mike McGlone said in a report that due to the macroeconomic environment the market is currently in, the number of active Bitcoin addresses is increasing, while the volatility associated with it is beginning to decrease.

He believes that Bitcoin has reached a status similar to the gold standard, which will continue due to its reduced volatility. Faced with the huge volatility of traditional markets and the unbacked currencies created by central banks and financial institutions, the token appears to be a more attractive asset for investors. McGlone's analysis shows that Bitcoin's halving will reduce the supply of Bitcoin and increase its demand.

Bitcoin core developer Jimmy Song also expressed his bullish view on Bitcoin on Twitter. Although he did not directly predict the price of Bitcoin, he hinted that "if you own Bitcoin, your best days are ahead."

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