Bitcoin
BTC Futures Hit Record $37 Billion as Analysts Predict Bitcoin Rise to $83K
Bitcoin traders set a record for future positionswith open contracts exceeding US$37.7 billion. The previous record of just under $37 billion was set in March when bitcoin hit an all-time high of more than $73,000. The jump comes a day after bitcoin spot ETFs extended their streak of net inflows to 18 days, also a record. The long-short ratio in BTC futures has surpassed 1, meaning there are more positions betting on the price rising than falling. BTC is currently priced at around $71,340, an increase of 0.5% in the last 24 hours. The CoinDesk 20 Index (CD20) fell about 0.2%.
Bitcoin may be ready for an increase to $83,000, according to analysis by 10x Research. The breakout depends on BTC moving above $72,000 to complete an inverted head and shoulders pattern in which an asset experiences three price lows, with the middle one being the deepest. This pattern suggests that it is “only a matter of time” before the price of BTC reaches a new high, said 10x founder Markus Thielen. A break above $72,000, a rise of just 1% above its current price of around $71,300, could depend on U.S. nonfarm payrolls data, scheduled for release at 8:30 a.m. ET. Weak data could strengthen the case for the Fed’s interest rate cuts, adding to upward momentum in risk assets including cryptocurrencies.
Healthcare company Semler Scientific, which has already extended its corporate strategy to buy bitcoin, said on Thursday is buying $17 million worth of BTC and preparing to raise $150 million so he can buy more. The company’s 828 bitcoins were purchased for $57 million and are now worth $59 million, according to market data from CoinDesk Indices. Collectively, publicly traded 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 buying $40 million worth of bitcoin sent its shares up 25%. SMLR shares rose just over 3% in pre-market trading.