🚀 Binance Futures Positions Hit Record High, Are Major Market Fluctuations Coming? 🌊
Latest news, Binance's contract open interest has reached an astonishing $9.5 billion, setting a new all-time high! This is not just a simple open interest figure; it could also mean that market volatility may increase.
Currently, Binance's open interest stands at $9.541 billion, accounting for about 21% of the total open contracts of $46.11 billion across all exchanges.
Meanwhile, Bitcoin's price has also soared in the past couple of days, breaking through $75,000 on Wednesday and surpassing the $76,000 mark on Thursday morning, now stabilizing around $75,000. It seems that Trump's election victory has positively impacted market sentiment towards cryptocurrencies.
But don't forget, a surge in open contracts is often a signal for market liquidation, and high open interest also indicates potential volatility. Simply put, both bulls and bears may face pressure, potentially leading to a wave of liquidations.
Moreover, Trump's return has further excited the cryptocurrency market, with the "Coinbase Premium Index" surging, indicating a possible increase in U.S. demand for Bitcoin. Additionally, on November 6, 11 new whale wallets withdrew 1,807 Bitcoins worth $132 million from Binance, which is not a small move!
However, analysts also remind us that Bitcoin's upward momentum may face a temporary reversal. The TD Sequential indicator shows that the 4-hour chart for Bitcoin has issued a sell signal, suggesting a possible pullback to $72,000. But if it can maintain above $75,400, then the bearish setup will become invalid, and Bitcoin could continue to rise towards $78,000.
👇 What do you all think? Do you believe this wave of Bitcoin's rise can be sustained? How much market volatility can we expect? Share your thoughts in the comments section, and let’s discuss together!
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