The word testament means covenant. Thus the Old Testament means the old covenant.
After God leads the Israelites out of slavery in Egypt, He takes them to Mount Sinai and gives them instructions, including the ones most of us are familiar with—the Ten Commandments.
That’s the context for Exodus 24:8, where we read, “Moses then took the blood, sprinkled it on the people and said, ‘This is the blood of the covenant that the LORD has made with you in accordance with all these words.’”
This is the culmination of promise God made to Abraham, Isaac, and Jacob, who later had his named changed to Israel.
All of the Old Testament should be read in light of this covenant and Israel’s history.