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Bitcoin’s future looks increasingly bullish as futures Open Interest (OI) soared by $1.26 billion, reaching $31.92 billion just hours after the U.S. Federal Reserve hinted at a potential rate cut in September. The rise in OI, a key indicator of market sentiment and trader confidence, underscores a growing optimism in Bitcoin’s upward trajectory, despite traders being almost evenly split on its future direction.
The detailed minutes from the Fed’s July meeting have sparked a significant shift in investor behavior, suggesting a move away from traditional safe assets towards more speculative ones like Bitcoin. Market experts, buoyed by the Fed’s dovish tone, are predicting a robust final quarter for both U.S. and international markets, potentially catalyzing a major rally in Bitcoin prices as lower interest rates make high-risk assets more attractive.
With the anticipation of Fed Chair Jerome Powell’s speech expected to reinforce these expectations, the stage is set for Bitcoin to potentially experience one of its most dynamic rises in recent times.
