Bitcoin is ready to complete a historic 9-week bull run; open interest is up to $1 million

Bitcoin (BTC) is just days away from closing the biggest weekly bull run in its history as the markets continue to push for $10k.

Data from Cointelegraph Markets, CoinMarketCap and TradingView confirmed that on May 8, the BTC/USD shift was on track for the eighth consecutive green candle in weeks.

This has only happened three times in parity fund freeze, considering a spin-out, similarity to bitcoin, languid daily user numbers, fear of missing out history: if it also closes higher next week, it would be the first time that BTC/USD closes on nine consecutive green sails.

Bitcoin’s price is at an all-time high in Argentine pesos

The impressive price statistics recovered the trend that has characterized Bitcoin since it began to rise from its 60% drop in March.

Many figures publicly declared their renewed faith in this year’s profits, including Mike Novogratz, who found the $10,000 increase on Thursday „exciting.

„An exciting day for $BTC,“ he tweeted.

„I want to emphasize that we haven’t even reached the highest years. This rally has just begun. Don’t miss the train.“

Ambition continues to grow

However, not all indicators point to an infinite upward trend. When the $10,000 reappeared, the famous Crypto Fear & Greed Index shifted its index from „neutral“ to „ambitious“.

Only a few days ago, the index showed „fear“ as the predominant sentiment in the market, and its abrupt turn possibly indicates that the progress was too fast to be sustainable.

Other metrics have also risen sharply, including open interest in Bitcoin options, which reached $1 million for the first time on Thursday.

CME’s Bitcoin futures are breaking open interest records, and this is what it means

As Skew pointed out, the composition of the options is changing rapidly. On the day, the four biggest increases in option contract interest appeared: two in Deribit for $7,000 and $7,500 and two in CME with $12,500 and $10,500.

As reported by Cointelegraph, there was an increase in Bitcoin’s open futures interest this week to $400 million and this triggered mixed feelings among analysts.