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Bitcoin’s open interest has surged, signaling market resilience despite a lack of consolidation above $30,000, but what does this mean for crypto investors? Bitcoin (BTC) open interest has been ascending for months, suggesting the market’s resilience even though the largest cryptocurrency by market capitalization hasn’t consolidated above the psychological level of $30,000. At the beginning of August 2023, Coinalyze data showed that the Bitcoin open interest figure returned to break above $10 billion, maintaining close to the highest level since the beginning of May 2022. The figure updated the year-to-date high on Aug. 9. Open interest is a metric that reflects the volume of unsettled futures, potentially indicating the confidence of the market to leave positions open. This is an important gauge, given that a good chunk of Bitcoin trading occurs on futures trading platforms, such as those offered by Binance, Bybit, OKX and the Chicago Mercantile Exchange (CME). Futures contracts enab...

BTC’s rally to $29,400 comes as the all important CPI report releases on April 12 and traders debate whether the Federal Reserve will pivot. Bitcoin (BTC) rose to its highest level in ten months on April 10 as traders await this week's April 12 consumer price index report to gain deeper insight into the Federal Reserve's fight against sticky inflation. If the report shows inflation dropping, it could be the next possible catalyst that further's BTC's upward move.  On April 10, BTC price soared 3.37% to over $29,300 after a quiet Easter weekend. Interestingly, Bitcoin's intraday gains appeared alongside a drop in U.S. equities, a rare decoupling that highlights the coin's diminishing risk-on characteristics. BTC/USD year-to-date returns versus U.S. stock indexes. Source: TradingView The pre-CPI dynamic could be in effect The Bureau of Labor Statistics will release March consumer price index (CPI) data on April 12, which expects to show Inflation down to 5.1% fr...