What Crypto Derivatives Say About Bitcoin's Record Price

Key Points

1. Bitcoin's price surged above $117,500, leading to over $1 billion in liquidations, with $963 million from short positions.

2. Market analysts attribute Bitcoin's fragility to 'short-covering rather than new inflows,' despite recent gains.

3. Bitcoin's spot order book remains ask-heavy, and funding rates indicate mild bullish sentiment without signs of overheating.

4. A weakening U.S. economy and a sliding dollar (DXY index at 96.37) have contributed to Bitcoin's appeal as a digital alternative to gold.

5. Analysts expect Bitcoin's uptrend to continue, with strong options market positioning and open interest around $115,000 and $120,000 strike calls.