BTC Returns to $90,000 Along with Renewed Faith in Growth

This afternoon, BTC returned to the $90,000 mark and continues to trade around it, signaling a recovery in confidence among traders after recent fluctuations. According to analysts from Glassnode, alongside the price increase, there is a 2% rise in open interest (OI) on perpetual BTC futures - from 304K to 310K BTC. This is a direct indicator that market participants are building long positions, anticipating further rally.

In addition, the funding rate on perpetual contracts jumped from 0.04% to 0.09%, reinforcing the signal of renewed leveraged long positioning. Overall, the total OI on Bitcoin futures grew by 2.23% - from $58.39 billion to $59.69 billion, reflecting increasing activity and potential for volatility at the end of the year. Analysts note that such metrics often precede significant price movements, especially ahead of the expiration of $23 billion in options in the coming days.

This OI growth is accompanied by a general revival in the derivatives market. According to the latest data, the aggregate open interest on BTC futures reached $76.78 billion, with a 1.01% increase over the day, and the long/short ratio remains nearly balanced (50.23%/ 49.77%). Experts from CoinGlass and other platforms emphasize that the increase in OI combined with positive funding rates indicates a bullish sentiment among traders positioning themselves for a potential end-of-year rally. In particular, trading volumes for BTC futures on CME Group remain high, confirming institutional interest.

However, despite the optimism, BTC still faces pressure: options point to potential downside risks, and the American trading session could introduce corrections. In recent weeks, OI on BTC options has shown mixed signals - for example, in early December, there was a decline in OI for some assets, but for BTC, it quickly recovered. Analysts from Glassnode note that after historical events like the "wipeout" in October, when OI fell 30% from peaks, the market is gradually recovering but remains vulnerable to sharp fluctuations. Additionally, the current OI level of $27.85 billion (according to MacroMicro) underscores that the market is primed for volatility, especially considering the approaching year-end.

In a broader context, this BTC surge could positively impact altcoins. For instance, similar trends are observed in ETH and SOL, where OI also decreases or increases depending on market sentiments, but the overall trend points to renewed interest in crypto assets. Traders are watching key support levels around $88,000-$90,000, and if BTC holds above them, it could trigger FOMO (fear of missing out) among investors.