Summary
⚈ BTC’s price rose by 19.65% from $78,210 on April 7 to $93,580 on April 23, supported by a rise in long positions and growing derivatives activity.
⚈ Analysts, including Tom Lee and Standard Chartered, are increasingly bullish, with projections suggesting Bitcoin could reach $100,000 soon and potentially rally to $200,000 by year-end.
The leading digital asset, Bitcoin (BTC), has seen a sharp increase in derivatives trading since President Trump announced a 90-day tariff pause on April 20.
To be more precise, Bitcoin open interest reached a 2-month high on April 23, with over 33.84 billion open positions, representing a 39.68% surge from a local low of approximately 24.23 billion on April 7, according to data retrieved by Finbold from cryptocurrency market intelligence platform CryptoQuant.
This surge corresponds with a 19.65% increase in Bitcoin’s price from $78,210 on April 7 to $93,580 by press time on April 23. As of the time of writing, BTC is trading above its yearly open, with year-to-date (YTD) gains standing at 0.08%.
Bitcoin open interest signals momentum shift — but can the rally continue?
With this latest move to the upside, Bitcoin has erased the losses from Liberation Day. At present, the flagship cryptocurrency appears poised to test resistance at the psychologically important $100,000 mark.
Moreover, in tandem with the increase in overall derivatives trading activity, BTC’s long/short ratio recently hit a 1-month high, with 51.36% of the derivatives positions opened on April 22 being longs.
The recent rally has also engendered a bullish stance on Wall Street. Fundstrat’s Tom Lee is predicting that BTC could catch up to gold’s impressive performance since the start of the year, while banking giant Standard Chartered is predicting that the asset could reach a price of $200,000 by the end of the year, which would represent a 113.72% rally from current prices.
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