Crypto:
30253
Bitcoin:
$66.122
% 0.13
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.122
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Bitcoin Breaks Records, Risk Appetite Soars!

Tempory 17

Bitcoin breaks records one after another, analysts believe BTC could make a new ATH.

While eyes in the Bitcoin and cryptocurrency market are on the Nonfarm Employment data to be released from the US today, Bitcoin ETF inflows are breaking new records.

In addition to ETF records, another record was broken in Bitcoin. Accordingly, Bitcoin open positions reached a peak of $37 billion, and a new record was broken in BTC futures positions.

The consecutive records in Bitcoin indicate positive market sentiment and expectations that BTC will reach all-time highs in the coming weeks.

Latest Developments in Bitcoin:

Bitcoin price has risen from $68,500 to $71,000 since Monday.

According to Coinglass data, over $5 billion in open positions have been added to Bitcoin.

In the $37.7 billion open position, the Chicago Mercantile Exchange (CME) holds $11 billion, followed by Binance with $8 billion.

Looking at the Long-Short position ratio, the data shows that the ratio has exceeded 1 from Thursday’s 0.94 on Friday.

According to this, a ratio above 1 means that long positions are more than short positions, which indicates that market sentiment towards

Bitcoin is positive. Conversely, a ratio below 1 indicates that there is a lot of negative sentiment towards Bitcoin.

Based on this ratio, many analysts expect BTC to rise further in the coming weeks, while Ruslan Lienka, CEO of the crypto exchange

YouHodler, said that new ATHs could be seen in BTC.

Speaking to Coindesk, Ruslan Lienka said:

“Bitcoin could break the resistance level in the $71,000-$73,000 range and renew its all-time highs in the coming weeks, fueled by optimism in the financial markets.

Such a positive sentiment stems from expectations of interest rate cuts that encourage capital inflows into risky assets in the US and Europe.

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Also, increased trading activity in meme stocks like GameStop and low-priced stocks indicates the growing risk appetite for risky assets.”

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