Bitcoin has broken a new record high of over $75,000, and investors are hopeful that Donald Trump’s potential crypto-friendly policies could boost the market even further. Rising open interest on Binance and large whale movements are drawing attention, adding to market volatility. BTC holding onto critical support levels could be a key factor in determining future price action.
On Wednesday, Bitcoin reached a new all-time high of $75,000, before leveling off at $74,500 on Thursday morning after hitting $76,000. Crypto market analysts are expressing hope that Donald Trump’s potential pro-crypto policies will have a positive impact on the market, and they say that BTC could have the potential to grow even further.
Open interest (OI) on Binance has increased by 10.24% in the past 24 hours to $8.3 billion, hitting an all-time high. According to market analytics firm CryptoQuant, Binance holds around 35% of the global open interest market, reflecting the exchange’s leadership in the derivatives market. This suggests that short and long positions could come under pressure at a time of heightened market volatility.
Open interest metrics reflect the total amount of long and short positions in the market, and large increases can create greater liquidity and volatility risks. Large increases in particular can fuel price volatility in the futures market and increase liquidity risks.
Following Donald Trump’s return to the presidency, a general rise has been observed in the crypto market. The rise in the Coinbase Premium Index indicates that US investors are increasingly interested in Bitcoin. In addition, on November 6, 11 new whale wallets withdrew 1,807 BTC worth approximately $132 million from Binance in a one-hour period. These large transactions once again reveal the influence of institutional and large investors on the market.
Crypto analyst Ali Martinez, in his analysis using the TD Sequential indicator, stated that Bitcoin could make a short-term correction and a pullback to $72,000 could occur. The analyst called on investors to be cautious as there could be a sign of fatigue in the markets after the recent rally. Martinez said that the $75,400 level is a critical support point for BTC, and if it stays above this level, a new uptrend towards $78,000 could begin. However, it was emphasized that otherwise there could be a short-term correction and investors should be careful.
While the crypto market is drawing attention with increasing open interest rates and large-scale whale movements, BTC’s price movements are being closely monitored by market participants. While whale transactions, increasing volatility, and large exchange transactions create uncertainty about the future direction of the market, it is observed that long-term investors continue to be interested. Bitcoin’s performance at these critical levels will continue to be decisive in determining the future movements and possible direction of the market.