This Friday, the bitcoin experiences a correction, consolidating its position above US$36,000, just one day after flirting with the limit of the US$38,000 for the first time in more than 18 months.
The week has witnessed a volatility relatively high, marked by a conflict between positive and negative sentiments in the markets.
On the optimistic side, Excitement Persists Over Possible Approval of Spot Bitcoin ETF Launch by the US regulator. However, sellers are pushing for BTC to move away from levels above $37,000, arguing that such levels they are exaggerated and they lack tangible foundations beyond optimism, according to cryptocurrency analysts.
BTC derivatives trading is on a notable rise and approaching 2021 highs, primarily driven by expectations surrounding the possible approval of the first spot bitcoin exchange-traded fund (ETF) in the United States.
Bitcoin: what the market expects
In the last hours, the cryptocurrency market has registered a drop of 2.5%, continuing the correction from the highs of the year. Consequently, the total market capitalization stands at around $1.44 trillion, showing an increase of 28% compared to the same period last month.
As for Bitcoin, its market capitalization is around US$713 billion. Data provided by CoinGlass indicates that more than $50 million in BTC long positions were liquidated yesterday, compared to less than 9 million short positions.
Investors, anticipating movements in the cryptocurrency market, have raised the number of open interest for bitcoin options to the highest level in about 20 days, with around 400 thousand options yesterday. This value reached a new record of more than 15 billion dollars, according to experts.
In the panorama of other cryptocurrencies, Ethereum moderates its rally with a 4% drop below US$2,000, while Dogecoin gives 3%. On the contrary, Solana and Ripple show advances of around 2%.
Source: Ambito
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