RATE Group | Bitcoin Eyes First 9-Week Bull Run as Options Open Interest Hits $1B
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Bitcoin Eyes First 9-Week Bull Run as Options Open Interest Hits $1B

08 May Bitcoin Eyes First 9-Week Bull Run as Options Open Interest Hits $1B

Posted at 15:10h in Bitcoin News by

Bitcoin (BTC) is just days from sealing the longest weekly bull run in its history, as markets continue to push for $10,000 support.

Data from Cointelegraph Markets, CoinMarketCap and TradingView confirmed that as of May 8, BTC/USD was on course for its eighth consecutive green candle on weekly timeframes.

Bitcoin 10-month weekly chart

Bitcoin 10-month weekly chart. Source: TradingView

This has only happened three times in Bitcoin’s history — if next week also closes higher, it will mark the first time ever that BTC/USD has closed nine green weekly candles.

The impressive price statistics capture the bullish trend which has characterized Bitcoin since it began recovering from its 60% crash in March. 

Many figures have publicly stated their renewed faith in gains continuing this year, among them Mike Novogratz, who called Thursday’s reclaiming of $10,000 “exciting.”

“Exciting day for $btc,” he tweeted.  

I want to point out that we aren’t even at the years highs.   This rally is just starting.  …

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