Bitcoin has been shattering records left and right, leading analysts to believe that a new all-time high (ATH) may be on the horizon.
Amidst all the excitement surrounding Bitcoin and cryptocurrency markets, the focus is on the Non-Farm Employment data from the USA today, while ETF inflows into Bitcoin are reaching unprecedented levels.
Not only have ETF records been broken, but a new record has also been set for Bitcoin. Open positions for Bitcoin surged to $37 billion, marking a new high in BTC futures positions.
These consecutive records for Bitcoin signal a positive market sentiment and raise expectations for BTC to reach new ATHs in the near future.
According to data from Coinglass, over $5 billion in open positions have been added to Bitcoin since Monday, coinciding with the increase in BTC price from $68,500 to $71,000.
The Chicago Mercantile Exchange (CME), a traditional finance giant, held $11 billion in open positions out of the total $37.7 billion, with Binance, the leading cryptocurrency exchange, following closely behind with $8 billion.
Analyzing the Long-Short positions ratio, the data shows an increase from 0.94 on Thursday to over 1 on Friday. A ratio above 1 indicates a positive market sentiment towards Bitcoin, with long positions outnumbering short positions.
Many analysts are predicting further rises in BTC in the upcoming weeks. Ruslan Lienka, senior manager at the cryptocurrency exchange YouHodler, mentioned to Coindesk that new ATHs could be on the horizon for BTC.
Lienka stated, “Bitcoin may break through the resistance level in the $71,000-$73,000 range and hit new all-time highs in the coming weeks, driven by optimism in financial markets. This positive sentiment is fueled by expectations of interest rate cuts in the US and Europe, encouraging capital inflows into risky assets. The increased trading activity in meme stocks and undervalued stocks like GameStop also indicates a rise in risk appetite for risky assets.”
Disclaimer: This article does not provide investment advice.
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