Bitcoins Bold Bet: Options Traders Eye $100K Surge By September

The crypto market is currently buzzing with anticipation as Bitcoin options traders position themselves for what they foresee as a substantial price rally in September. Particularly, the derivatives market is expressing confidence, with a significant number of traders betting on Bitcoin surpassing the $100,000 mark. Bitcoin Market Optimism Amidst Whale Movements Recent analysis from industry [...]

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Bitcoin Trader Selling Pressure Declining, CryptoQuant Head Explains Why

The head of research at the on-chain analytics firm CryptoQuant has explained why selling pressure from Bitcoin traders may be declining. Bitcoin Short-Term Holder Realized Price Has Risen To $60,000 In a new post on X, CryptoQuant head of research Julio Moreno has discussed why the short-term holder selling pressure may be declining for BTC. [...]

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Short Traders Decimated As Bitcoin Barrels Past $43,000

Bitcoin has surprised the market with its recent surge. The digital asset which has been struggling below $40,000 for the past week made a break for it with an incredible rally that saw its peak above $44,000. It took the market by surprise and no doubt the traders as liquidations have been the order of the day. Short traders have gotten the short end of the stick as they see hundreds of millions liquidated in the past day. Bitcoin Liquidations Run Amok Short traders have been dominating the market for a while now given that the value for the cryptocurrency has been trending low. This was made worse by the Ukraine-Russia crisis. Bitcoin had managed to hold its ground around the $36K-$38K level without slipping too low. Monday would however prove to be a deviation from the norm as the recovery took the market by surprise. Related Reading | Bitcoin Mining More Damaging To The Environment After China Ban, Study Says On Monday, bitcoin had rallied past $44,000 in what can be described as a sharp ascent. Happening over a matter of minutes, short traders were caught unawares by this movement. As such, millions of dollars in short positions were liquidated and $40K price walls across exchanges were all brought down. BTC on another recovery trend | Source: BTCUSD on TradingView.com In total, over $100 million worth of bitcoin positions has been liquidated in the last 24 hours. The last 12 hours account for about 50% of this volume as the price continues to maintain upwards momentum. In total, there has been $147 million worth of BTC liquidations in the past 24 hours. Shorts account for the majority of this figure, although there have been millions in long liquidations, however to a lesser degree. Altcoins Not Left Out Not only has bitcoin recorded large liquidations over the last day, but altcoins have also recorded large liquidation volumes in the same time period.  Naturally, bitcoin has suffered the majority of liquidations but that is expected as it is the most valuable asset in the space. However, this does not mean that altcoins have dodged the onslaught as they have also recorded over $100 million in liquidations. Related Reading | TA: Bitcoin Rallies Over 12%, Why This Could Be Major Trend Change Ethereum leads altcoins in liquidations as $58 million has been recorded over the past day. Same as Bitcoin, shorts have been the major contributors to this number as ETH has also recovered towards $3,000. Crypto liquidations surpass $300 million in 24 hours | Source: Coinglass An unlikely candidate, Luna, has come in third place in terms of liquidations. The native token of the Terra blockchain had seen $14 million in liquidations in the past 24 hours, over $6 million of which were recorded in the last 12 hours alone. The altcoin is up more than 20% in the last day, recording one of the largest increases in the recent rally. Featured image from NationalWorld, charts from Coinglass and TradingView.com

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Peter Brandt Raises Bitcoin Price Target to $200,000 for the Current Bull Market Cycle

Veteran trader Peter Brandt has provided an update on his bitcoin price prediction. He explained that the price target for “the current bull market cycle” scheduled to end in Aug/Sep next year has been raised from $120,000 to $200,000. Peter Brandt on Bitcoin Bull Market Cycle Peter Brandt provided an update on his bitcoin price [...]

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Bitcoin Traders Retain High Leverage Amidst Decline In Funding Rates Details

After hitting the $100,000 milestone, Bitcoin suffered a sudden price crash on Friday resulting in an estimated price loss of 7%. During this decline, the assets perpetual funding rates in the derivative markets took a hit. However, traders may yet retain enough leverage to strongly influence price volatility. Related Reading: Bitcoin On Track To Replace Gold In 10 Years, Trading Firm Predicts Bitcoin Short-Term Outlook Uncertain Due To Heightened Leverage In an X post on December 6, blockchain analytics firm Glassnode expressed that Bitcoins perpetual funding rate may hold significant implications for the assets short-term price.  For context, perpetual funding rates are periodic payments made between traders in the perpetual futures market to ensure the contract price aligns with the spot price of Bitcoin. Positive funding rates indicate that long positions are paying shorts, which is bullish while negative funding rates represent the vice versa. According to Glassnode, BTCs perpetual funding rates initially showed signs of stabilization on its weekly frame amidst speculative demand. However, the assets surge to $100,000 on Thursday driven by increased market leverage saw these funding rates rise by 3.6x their weekly average.   Notably, Bitcoins perpetual funding rate hit a peak of 0.062, representing its highest value since April. Importantly, the analytics team at Glassnode notes that this rate spike suggests significant influence by the derivative market on Bitcoins ascent above $100,000. However, Bitcoins flash price resulted in a major decline in its funding rates slightly above 0.024. Despite this fall, Glassnode states these rates are still relatively high compared to earlier this week, indicating the Bitcoin market still contains a significant level of leveraged positions.  This residual leverage in the market indicates a strong potential for increased price volatility. Therefore, Bitcoins price movement in the coming days appears unclear as a reversal on either side could trigger a significant level of liquidation,  inducing a cascading effect. Related Reading: Bitcoin Price At $100,000: Road To More Gains Or Potential Bull Trap? Analyst Has Answers STH Cost Basis Points To $112,000 Price Target In other news, renowned analyst Ali Martinez has posted a Bitcoin price prediction based on the assets short-term holder (STH) cost basis i.e. the average price at which those who typically acquired BTC over the last 155 days. It indicates a break-even level for these investors.  According to Martinez, the STH behavior indicates that Bitcoin would reach a local top or $112,926 price based on a +1 standard deviation that adjusts the level of STH cost basis upward to account for price volatility and behavioral trends. At press time, Bitcoin trades at $100,137 after its recovery from Fridays crash faced a rejection at $102,000. Meanwhile, the assets trading volume is down by 42.46% and valued at $89.12 billion. Featured image from TradeSanta, chart from Tradingview

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53% Of Binance Traders Are Shorting Bitcoin What Does This Mean For Price Action?

After several weeks of sustained upward momentum, Bitcoin is currently holding above $66,000. The price has recently encountered resistance at the crucial $69,000 level, which is expected to take time and significant liquidity to overcome.  Key data from Binance reveals that more than half of futures traders have shorted BTC in the past few hours, [...]

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