On Wednesday, bitcoin (BTC) briefly exceeded $100,000 for the fourth time, with dealer sentiment switching to greed from concern as the worth ranges between $90,000 and the six-figure stage.
The most important cryptocurrency might take a number of makes an attempt to push via $100,000, as earlier CoinDesk analysis confirmed.
Since touching an all-time excessive of round $108,000 on Dec. 17, bitcoin has put in a collection of decrease highs, simply because it did throughout 2024’s seven-month consolidation.
Nevertheless, the $90,000 worth stage stays agency. It has offered crucial assist, and bitcoin has stayed above it since Nov. 18, apart from briefly dropping under on Jan. 13. The catalyst for a break in both path may very well be President-elect Donald Trump’s inauguration on Jan. 20.
Monitoring leverage can also be a key part to figuring out the market’s euphoria or greed. This may be noticed via futures open curiosity (OI).
Open curiosity refers back to the complete variety of excellent bitcoin futures contracts out there. Knowledge from Coinglass reveals that OI has been at its lowest stage since early November, when Donald Trump received the U.S. election.
Because the chart reveals, open curiosity has dropped to 621,000 BTC ($61.6 billion) from 700,000 BTC on Dec. 19. That signifies that current worth motion has been much less leverage-driven and extra spot-driven.
For honest evaluation, it is very important examine open curiosity denominated in bitcoin, because the unit stays the identical, moderately than utilizing nominal worth, which fluctuates relying on the bitcoin worth.