Historical 9-Week Bull Run Is On The Door

By Kapil Gauhar

Bitcoin is just ten days away from painting the history with continuous 9-weeks Green Candles as markets pushing the battle for $10,000 support.

Market on May 8, 2020

Cointelegraph Markets and other price tracking websites such as CoinMarketCap and TradingView released the date citing that as on May 8, BTC/USD was continuing its eighth weekly green candle that has happened for the third time in Bitcoin’s History.

Historical 9-Weeks Bull Run

The remarkable journey is all set to bring one more weekly green candle taking the number to continuous nine week of price rice. If bitcoin Catches the incremental pace for another week than it would be for the first time in the bitcoin history.

Faith In The Market

So many people have came out and stated about their renewed faith in bitcoin. Mike Novogratz called the situation “exciting”.

He stated,

“Exciting day for $btc. I want to point out that we aren’t even at the years highs. This rally is just starting. Don’t miss the bus.”

Sentiment Turns From “Neutral” To “Greedy”

As the Battle for $10,000 reappeared , the Crypto Fear & Greed Index turned from its “neutral” setting to “greed.”

Few days back the Crypto Fear & Greed Index showed Fear as the prevailing market sentiment, its sharp U-turn put forward that the increment was too quick to be sustainable.

Bitcoin Options Open Interest hits $1 billion

There was also a sudden high in Bitcoin Options open interest, which hit $1 billion for the first time ever on Thursday. The composition of options is also changing fast with largest increases in puts options open interest on May 8. The position was,

On Deribit – $7000 and $7500 and

On CME –  $12500 and $10500

A high in Bitcoin Futures open interest with $399 this week also joined the bandwagon.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.

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