Bitcoin open interest is rising and bulls are eyeing new all-time highs above $75,000 as "Uptober" begins to take shape.
Bitcoin (BTC) price has rebounded by over 25% from its Sept. 6 low of around $52,546, and onchain and technical indicators point to BTC continuing its recovery to new all-time highs.
Bitcoin’s open interest (OI) weighted perpetual futures funding rate has hit a multimonth high, indicating that the current bullish sentiment may continue in the short term.
According to data from CoinGlass, the current Bitcoin OI-weighted funding rate sits at 0.0136%, a level last seen on June 7, when Bitcoin briefly hit $71,950.
