Glassnode has revealed their chart of Bitcoin’s realized price distribution and confirmed that the cryptocurrency market is sitting in a large value cluster, as of this moment.
The #Bitcoin market currently sits in one of the largest realised value clusters.
— glassnode (@glassnode) December 3, 2021
Over 2.208 Million $BTC have last moved on-chain between $55k and $60k.
The next large cluster between $60k and $63k may act as resistance, whilst support can be found at $50k and again at $42k. pic.twitter.com/lXal1aktV2
As is apparent from the chart, 2.208 million BTC have moved between $55k and $60k. The cryptocurrency might face some resistance once it reaches the next cluster between $60k and $63k, while the clusters between $36k to $42k and $48k to $50k might provide its support.
Even though Bitcoin’s price might have been experiencing a slight dip, its futures interest continues to grow, trading at historically high levels.
The overall contract value of BTC futures currently stands at $21.9 Billion, the highest since March and April of this year.
#Bitcoin futures open interest continues to trade at historically high levels.
— glassnode (@glassnode) December 2, 2021
A total of $21.9 Billion in futures contract value is currently outstanding.
This reflects a growth of $9.5B (+76.6%) in open interest since the September lows.
Live Chart: https://t.co/cvmq5liwRh pic.twitter.com/Yw0Ce8HVJq
The graph shows a +76.6% growth in open interest since September of this year when it was hitting its lows, showing Bitcoin’s ability to recover from dips.