Bitcoin Hits $110,000, But Analyst Warns Rally Leverage-Driven
Main Idea
Bitcoin's price has surged to $110,000, but analysts question the sustainability of the rally due to increased leverage-driven speculation.
Key Points
1. Bitcoin climbed back toward $110,000 after a dip to low $105,000 levels, adding around 2% in recovery over the last 24 hours.
2. The rally was accompanied by a sharp jump in BTC Open Interest, indicating speculative activity and a large number of positions.
3. Analysts warn that the leverage-driven nature of the rally raises questions about its sustainability.
4. Bitcoin's unrealized profit ratio has reached 80%, but it is still far from distribution levels.
5. BlackRock's Bitcoin ETF (IBIT) now outperforms their S&P 500 fund, indicating growing institutional interest.
Description
Bitcoin has climbed back toward the $110,000 mark, but Open Interest data could raise questions about the sustainability of the rally. Bitcoin Has Seen A Reignition Of Bullish Momentum Since falling into the low $105,000 levels on Tuesday, Bitcoin has seen some fresh momentum that has so far culminated in it reclaiming the $109,000 level and even making a brief retest of $110,000. Below is a chart that shows how the recent trajectory of the coin has looked. Over the last 24 hours, the asset has ...
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