Top Trader: Bitcoin Hasn’t Bottomed Yet
Main Idea
A top trader from RiskHedge believes Bitcoin has not yet reached its bottom, despite recent price fluctuations and a new all-time high in open interest indicating potential volatility.
Key Points
1. Bitcoin's price dropped to $114,518 before recovering slightly, but remains near daily lows at $115,692.
2. Bitcoin's open interest (OI) hit a record high of $44.5 billion, suggesting increased market activity and potential volatility.
3. Chris Burniske of Placeholder notes there is 'not much fear' in the market, based on current trends.
4. The ETH/BTC pair rose nearly 1%, with Ethereum surpassing $3,700 earlier in the day.
Description
This chartist argues that Bitcoin bulls should prepare for even more pain after recent drop
$BTC
$117299.6
+1.79%
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