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Bitcoin Pulse Check At $70,000

June 8, 2024

Bitcoin Lightning Network Capacity Registers ATH

The capacity of Bitcoin’s lightning network has steadily been inclining. At the beginning of May, this metric was hovering around the 4755 BTC mark. Latest data from lookintobitcoin pointed out that the capacity of the layer-2 payments solution now stands at the door of 5000 BTC. The lightning network helps users send and receive Bitcoin faster and at a cheaper rate when compared to other traditional financial alternatives. A higher capacity usually indicates more liquidity, and the current directional bias seems to be a step in the right direction.

Source: lookintobitcoin

Bitcoin ETFs Register Inflows for 18th Consecutive Day

Inflows into Bitcoin ETFs have been stacking up. In its longest-ever streak since launch, funds have flown in for 18 days straight. The demand spurt has retrospectively helped propel BTC’s price to the psychological $70k threshold. The total assets now held by the products that were floated into the sea in January stand above $62.3 billion.

Source: X/Nate Geraci

Futures OI Scripts ATH

Bitcoin’s Open Interest has witnessed a sharp spike of late. By surpassing the $36 billion mark on CEXes, it scripted a new high a day back. The current levels are reminiscent of March, when Bitcoin scripted its ATH on the price front. A rising open interest usually means that new money is flowing into the marketplace. More often than not, it ends up making the ongoing trend even more concrete.

Source: Coinglass

Call Options Pile Up at $75,000

The Options OI, on the other hand, is currently hovering around $21 billion, with calls dominating the puts. The current figure is more than $10 billion less than the March peak. Nevertheless, traders are optimistic and are expecting BTC to claim new highs this month. Across all expirations, the $75,000 strike price has the heftiest number of outstanding contracts. The $100,000 and $80,000 strike prices follow right behind.

Source: Coinglass

VWAP Oscillator

Bitcoin’s Volume Weighted Average Price [VWAP] Oscillator is also at an interesting juncture at the moment. As the name suggests, this technical indicator weighs the average price of BTC against the volume. Basically, price levels at which the volumes are high are given more importance, but the twist - instead of using exchange-traded volume, this indicator uses on-chain volume.

Over the past few months, this oscillator was hovering in the negative territory, but now, it has crawled into the positive territory. After the ATH resistance is broken and the ongoing consolidation phase ends, the current leg up on the oscillator could open the floodgates, bestowing Bitcoin the escape velocity to surge to new highs.

Source: Woo Charts
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