Bitcoin price forecast: BTC open interest hits $56B as NASDAQ launches Blackrock’s IBIT ETF Options

Bitcoin price forecast

Bitcoin price rose 5% within the daily timeframe to hit a new all time high of $93,816 on November 19, 2024, propelled by bullish tailwinds from a vital trading update involving Blackrock and US’ largest trading institution, NASDAQ.

Is BTC on the verge of a $100,000 breakout?

Nasdaq’s launches Options trading Blackrock’s IBIT ETF 

Bitcoin price rose 4% on November 19, 2024, breaking the $93,000 resistance level amid a major announcement from Nasdaq regarding BlackRock‘s iShares Bitcoin Trust (IBIT).

Nasdaq revealed plans to begin options trading for IBIT, making it the first spot Bitcoin ETF with such an offering.

“We plan to list and trade these options as early as tomorrow [November 19]. Getting these options into the market will excite investors because that’s what we’ve heard from them.”

– Alison Hennessy, Nasdaq’s Head of ETP Listings.

This strategic move aligns with growing institutional demand for BTC across the US since Trump’s re-election on November 5. MicroStrategy leads the way with $6 billion BTC acquisition in the last 14 days. However, the 11 Bitcoin ETFs have also pulled a $2.3 billion netflows within the same period.

NASDAQ’s announcement follows the US SEC’s  approval of options contracts for IBIT in September 2024, underscoring growing regulatory acceptance of Bitcoin as an asset class.

How will NASDAQ Options trading impact BTC price? 

The addition of options trading provides investors with flexible tools to hedge, speculate, or amplify returns on Bitcoin exposure. These contracts allow holders to buy or sell IBIT at predetermined prices within specified timeframes, a key feature for institutional traders employing complex strategies.

While BlackRock’s IBIT is currently the only spot Bitcoin ETF listed on Nasdaq, competitors listed on the New York Stock Exchange (NYSE) andCboe Global Markets are expected to launch similar options trading in the coming days.

While Bitcoin price has surged 5% within the daily timeframe following the announcement, Bloomberg Intelligence ETF analyst James Seyffart has alerted investors to the potential long-term impacts of the NASDAQ listing Bitcoin ETFs for Options trading.

“The rollout of options could dramatically increase the liquidity and appeal of spot Bitcoin ETFs to professional investors.”

– Bloomberg Intelligence ETF analyst James Seyffart

BTC Open interest surged by $1.5B in 24 hours

In affirmation of Seyffart’s stance, Bitcoin derivatives markets saw a considerable increase in capital inflows on Tuesday, November 19. Coinglass’ open interest chart below tracks real-time changes in capital stock currently invested within Bitcoin futures contracts.

Bitcoin open interest crossed the $56.4 billion mark at the time of publication on November 19, reflecting a $1.46 billion increase in capital inflows within 24 hours.

With BTC open interest surging to all time highs during a price consolidation phase, strategic investors may consider it a major bullish signal.

The $1.46 billion inflows suggests major players are betting big to front-run the bullish impact, as the NASDAQ listing of IBIT ETF for options trading is expected to further deepen institutional adoption of Bitcoin-related products.

If the Bitcoin open interest prods above $60 billion, and macro economic landscape remains dovish, BTC price could be on the verge of breaching the $100,000 milestone.

BTC price forecast: $95,000 resistance at risk

Bitcoin’s rally toward the $95,000 level shows strong momentum but faces critical resistance zones as technical indicators suggest mixed signals. The daily timeframe highlights a 5.17% gain, pushing BTC to $93,816, amid $1.46 billion capital inflows from traders betting on positive impacts of Nasdaq’s launch of options trading for BlackRock’s IBIT ETF.

In terms of short-term price action, Donchian Channels singals an imminent bullish breakout towards the $95,000 psychological resistance.

With BTC’s current price near the upper boundary of the channel at $93,800, it suggests heightened buying pressure. A daily close above this $93,800 could intensify bullish momentum, potentially clearing the path for a $95,000 breakout in the coming days.

On the downside, the declining Bull bear power (BBP) signals a mild drop-off in spot buying momentum. If BTC fails to establish steady support around $90,000, bear could push for a deeper correction to the 20-day MA around $87,500.