Bear Market Officially Over? Bitcoin Futures Open Interest Hits New Yearly High
Crypto News: The global digital asset market is on a surge as the banking system got stuck in the middle of a horrible collapse. The ongoing bank run helped Bitcoin price to breach the crucial $28K level. However, the key market indicator flagged that the crypto bear market is in its last phase and the market might see some new highs from here ahead.
Bitcoin Price To Breach $30K?
As per the data provided by Coinglass, the current value of the open interest in Bitcoin futures has breached the $12 billion mark. This has been a change of almost 8% over the past 24 hours. It is being reported that this is set to be a new high for the year 2023. However, it indicates a surge in interest among traders which can lead to possible price volatility.
Bitcoin price have shown a massive recovery amid the ongoing banking crisis. BTC price recorded a surge of around 14% over the past 30 days. It is trading at an average price of $28,289, at the press time. Read More Crypto News Here…
Also Read: Bitcoin Price Set For $30K As UBS-Credit Suisse Deal Fails To Contain Banking Crisis
A spike in open interest is a basic signal of a fresh inflow of money in the crypto market. However, the data depicts that over 55k traders have been liquidated in the last 24 hours. The total liquidation comes in at $174 million. While the largest liquidation order of ETH-USD valued at $1.63 million happened on the Huobi crypto exchange.
Out of $174 million, $92 million of longs have been liquidated in the last 24 hours. This suggests that the traders were weighing in for the Bitcoin price to surge amid the banking crisis.
Also Read: How Bitcoin Will Breach $1 Million? Ex-Coinbase CTO Clarifies