BTC Price Approaches $45K, Bitcoin Leveraged Traders Are Under Control.
Bitcoin (BTC) was up 3% on February 8 as crypto markets teased the most sought-after.
Bitcoin will increase the open interest to almost 1 billion dollars
Data from Cointelegraph Markets Pro and TradingView showed BTC price action focused on $44,700.
The largest cryptocurrency rose to $44,766 on Bitstamp after the close on February 7, marking its highest level in a month.
Although a relatively modest percentage, the move since mid-January went some way to easing the pessimistic landscape surrounding BTC/USD. According to Cointelegraph, the pair remained in a tight range.
“Bitcoin is approaching $45k again. Michael van de Pop, founder and CEO of MN Trading, wrote in his recent analysis of X (formerly Twitter).
“I think we'll get to $48-51k pre-half and adjust back for further consolidation.”
Van de Pop attributed the short-term BTC price timing to the block grant halving event, which is currently scheduled to hit around April 17.
Among some traders, however, the mood was cautious. JA Maartunn, a contributor to the on-chain analysis platform CryptoQuant, has warned that its longevity may be limited in its assessment of what has led to recent progress.
“This pump is powered by energy,” read part of X's post that day.
“Open interest increased by +$982m in less than 24 hours. While this is manageable if the price is stable, prepare yourself for volatility if it starts to reverse.
Significant increases in short-term open interest have been responsible for BTC price movements in the past, including above $28,000 in October.
According to financial analyst Tedtalksmacro, which helps to curb any sudden market movements, the liquidity of the auctions has increased along with the decrease in pressure from the sell side.
Spot Bitcoin auction depth is increasing for the first time in 10 days.
As the depth of supply decreases… pic.twitter.com/ikkcEBgWMY
— Ted (@tedtalksmacro) February 7, 2024
BTC price optimists to halve, double down on macro risk
As Cointelegraph continues to report, the halving is responsible for rising BTC price forecasts.
Related: Bitcoin Has '10-Day High' Until BTC Price Metric Reaches Compression Zone
These included a run past $60,000 before mid-April – after this theory was repeated by the creator's famous analyst Fred Kruger.
As @jvs_btc says, “and then all of a sudden” the episode could be days or weeks away.
— Fred Krueger (@dotkrueger) February 8, 2024
Former BitMEX CEO Arthur Hayes reiterated his belief in higher bitcoin prices this week, but due to a number of factors, particularly the resurgence of instability in the US regional banking sector.
Almost last year, just after the banking crisis, I said Bitcoin was going to start a bull market, James van Straten, research and data analyst at crypto insights firm CryptoSlate, continued on the topic.
“So far, coins have continued to buy at high prices; this is a very orderly bull market.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
