Bitcoin traders set a record for futures positions, with open interest surpassing $37.7 billion. The previous record of just under $37 billion was set in March, when bitcoin hit an all-time high of over $73,000. The jump comes a day after spot bitcoin ETFs extended their net inflows streak to 18 days, also a record. The long-short ratio in BTC futures surpassed 1, meaning there are more positions betting on the price rising than declining. BTC is currently priced at around $71,340, an increase of 0.5% in the last 24 hours. The CoinDesk 20 Index (CD20), has dipped by around 0.2%.
Bitcoin could be primed for a surge to $83,000, according to analysis by 10x Research. The breakout is contingent on BTC moving above $72,000 to complete an inverted head-and-shoulders pattern in which an asset experiences three price troughs with the middle one being the deepest. This pattern suggests it is “only a matter of time” before the BTC price reaches a new high, 10x founder Markus Thielen said. A breakout above $72,000, a mere 1% climb above its current price of around $71,300, may hinge on U.S. nonfarm payrolls data, scheduled for release at 08:30 ET. Weak data may strengthen the case for Fed interest-rate cuts, adding to upward momentum in risk assets, including cryptocurrencies.
Health-care company Semler Scientific, which has previously extended its corporate strategy to buying bitcoin, said on Thursday it is purchasing $17 million worth of BTC and preparing to raise $150 million so it can buy more. The company’s 828 bitcoin were acquired for $57 million and are now worth $59 million, according to market data from CoinDesk Indices. Collectively, publicly listed 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 it was purchasing $40 million in bitcoin sent its stock up 25%. SMLR shares have risen just over 3% in pre-market trading.
Read More: First Mover Americas: Bitcoin Futures Positions Top Record $37B as Analysts Predict Bitcoin
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. coinzoop.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.