The bullish sentiment continues to build in the crypto marketplace as numerous altcoins mail double-digit gains on a daily footing. Bitcoin'south spot cost (BTC) on crypto exchanges besides continues to push college with the passing of each solar day and earlier today the price broke above $9,800, extending to $9,862 before pulling dorsum to merchandise around $9,650.

Crypto market daily price chart. Source: Coin360

Recently published information from Skew Markets shows Bitcoin futures with a May 2022 and June 2022 expiry date rising to $ten,000 and above at a scattering of exchanges. This further reinforces the general belief that Bitcoin'due south bullish trend volition go on for the foreseeable time to come.

Listed BTC Futures/Perpetual Swaps. Source: Skew.com

Bitcoin futures Open up Interest (OI) at BitMEX has also risen to a new high at $1.5 billion. Open up Interest simply highlights the size of contracts that buyers and sellers have open on the commutation. The recent narrative among traders suggests that when OI reaches $1 billion the market dumps and Bitcoin toll contracts.

Exchange BTC Futures Open Interest. Source: Skew.com

More often than not, virtually crypto traders track the fluctuations in OI to decide the strength of bullish and bearish trends in Bitcoin's price action. When Bitcoin price and OI increase in tandem analysts infer that the trend is strong, whereas the opposite determination is reached when the price, book, and OI move against each other.

Interestingly, the $1 billion threshold on OI has been breached, however Bitcoin price continues to rally higher each mean solar day.

Bakkt Bitcoin Futures-Total Open up Involvement & Volume ($). Source: Skew.com

OI has risen across a number of exchanges over the past few weeks and today Bakkt followed the trend as the number of open futures positions reached a record high at $thirteen million on Feb. 5.

The same phenomenon occurred at the Chicago Mercantile Exchange, where Bitcoin futures reached a new 5-calendar month loftier at $249 million.

BTC USD daily chart. Source: TradingView

At the time of writing, Bitcoin traders are attempting to flip the $nine,800 resistance to support. Achieving this goal would increase the likelihood of the toll moving to $10,000 and one time this level is reached, traders anticipate encountering resistance at $10,300 and $10,500.

Above this level, Bitcoin price could slice through the volume gap on the book profile visible range (VPVR) with a target at $xi,500.

Bitcoin daily price chart. Source: Coin360

The overall cryptocurrency marketplace cap now stands at $276.2 billion and Bitcoin'south dominance rate is 64.3%. As the authority rate fluctuates and Bitcoin struggles to gain above $ix,800, altcoins have continued to press higher, producing double-digit gains.

Tron (TRX) rallied 11.08%, Binance Coin (BNB) gained 6.75%, and Ether (ETH) notched a four.49% gain which brought the price to $212.96.

Keep runway of summit crypto markets in real time hither