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On Wednesday, bitcoin (BTC) concisely exceeded $100,000 for the 4th time, with trader sentiment switching to greed from fearfulness arsenic the terms ranges betwixt $90,000 and the six-figure level.
The largest cryptocurrency whitethorn instrumentality respective attempts to propulsion done $100,000, arsenic erstwhile CoinDesk research showed. Since touching an all-time precocious of astir $108,000 connected Dec. 17, bitcoin has enactment successful a bid of little highs, conscionable arsenic it did during 2024's seven-month consolidation.
However, the $90,000 terms level remains firm. It has provided captious support, and bitcoin has stayed supra it since Nov. 18, different than concisely dropping beneath connected Jan. 13. The catalyst for a interruption successful either absorption could beryllium President-elect Donald Trump's inauguration connected Jan. 20.
Monitoring leverage is besides a cardinal constituent to determining the market's euphoria oregon greed. This tin beryllium observed done futures unfastened involvement (OI).
Open involvement refers to the full fig of outstanding bitcoin futures contracts successful the market. Data from Coinglass shows that OI has been astatine its lowest level since aboriginal November, erstwhile Donald Trump won the U.S. election.
As the illustration shows, unfastened involvement has dropped to 621,000 BTC ($61.6 billion) from 700,000 BTC connected Dec. 19. That means that caller terms enactment has been little leverage-driven and much spot-driven.
For just analysis, it is important to comparison unfastened involvement denominated successful bitcoin, arsenic the portion stays the same, alternatively than utilizing nominal value, which fluctuates depending connected the bitcoin price.
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