Upbeat moods can be spotted on the cryptocurrency market during today's session. Yesterday Ethereum price surged above $3,700, reaching the highest level since mid-May. The token ended the day with 11% gains, the biggest single-day rise since July 21. Ripple and many other altcoins have already begun rallying with some achieving new all-time highs. Bitcoin seemed muted in the first part of the week, however buyers managed to take control and upward movement continues today amid increasing interest from large institutions. According to recent Commitment of Traders (COT) report, asset managers built an all-time high long exposure of $165 million and for the first time since April, their net exposure turned positive.
Open interest in Chicago Mercantile Exchange (CME) bitcoin futures has been rising steady last month and is approaching $2 billion. This also could be a sign of greater institutional interest. Source: Arcane Research
Currently Bitcoin price is testing major resistance at $50,000 which coincides with the upper limit of the 1:1 structure. Should break higher occur, then this move could extend higher and even attempt to retest the all-time high at $64,000. Failing to do so might restart the consolidation and keep it bound above $44,000.
Bitcoin H4 interval. Source: xStation5
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