Key Takeaways
- Bitcoin hits $73.6K, nearing its all-time high of $73,800.
- Open interest in Bitcoin futures reaches a record $43.6 billion.
- Spot Bitcoin ETFs see $3.8 billion inflows in two weeks, fueling optimism.
Bitcoin’s price hit $73,600, just $200 short of its all-time high, as multiple indicators point to a strengthening bull market.
Traders are now eyeing potential new targets between $85,000 and $160,000, spurred by Bitcoin breaking a seven-month downtrend.
Short positions
A significant factor behind the rally is the liquidation of short positions, according to analysts.
Bitcoin moved past a long-standing resistance zone between $65,000 and $71,000, wiping out many short traders.
This liquidation, combined with Bitcoin’s dominance reaching 60% of the total market, indicates increasing market confidence in the asset.
Open interest
Additionally, open interest hit a record $43.6 billion, reflecting rising investor participation.
Futures markets have also been in contango, with prices on the Chicago Mercantile Exchange (CME) surpassing $74,485.
Analysts believe this signals hedges closing and speculative bets growing ahead of key events like the 2024 U.S. election.
ETF inflow
Spot Bitcoin ETFs saw a massive inflow of $3.8 billion over two weeks, further boosting the bullish sentiment.
The total assets under management for these ETFs reached $68.5 billion, with professional traders expecting even higher inflows as options on these ETFs begin trading.
