Bitcoin is just ten days from enjoying 9 weeks of back-to-back green candles for the maiden time in its history as the battle for $10,000 heats up. The flagship token is just days from sealing the longest weekly bull run since its inception as the $10K resistance proves strong.
Data obtained from CoinMarketCap and TradingView confirmed that on May 8, Bitcoin was on course to reach its eighth consecutive green candle on the weekly charts. This has only happened three times in the crypto’s history, if the coming week also closes higher, it will mark the first time that BTC/USD has closed nine green consecutive weekly candles.
These impressive price statistics capture the bullish trend that has characterized Bitcoin since it started recovering from the 60% crash in March. Most of the Bitcoin proponents have publicly said that they are confident that the crypto will continue gaining this year. Among them is Mike Novogratz who described May 7’s reclaiming of $10K as ‘exciting.’
“Exciting day for $btc,” he tweeted.
“I want to point out that we aren’t even at the year’s highs. This rally is just starting. Don’t miss the bus.”
Sentiment quickly turns ‘greedy’
Nevertheless, not all indicators point to bullish behavior marching on unchecked. As $10K came into the picture, the famous Crypto Fear & Greed Index interestingly crossed over from its previous “neutral” setting to “greed.”
A few days ago, the Index showed ‘fear’ as the prevailing market sentiment, with its instant U-turn possibly indicating that progress was happening rapidly to be sustainable. Other metrics also put in sudden highs which include the Bitcoin option’s open interest that hit $1 billion for the first time on May 7.
The Skew monitoring resource noted that the composition of options is changing drastically. On the day, the four biggest increases in open interest on options contracts were puts: two on CME at $12,500 and $10,500 and two on Deribit for $7,000 and $7,500.
A previous high in Bitcoin futures open interest this week according to reports was $399 million which produced mixed feelings among the analysts.