Main takeout:
BTC’s rally is over $ 90,000, and Bitcoin traders have been expensive.
Spot volume is leading Bitcoin price rally.
Derivatives with weak bias are at risk of liquidation.
BITCOIN (BTC) has more than $ 93,000 on April 24 and raised the potential conclusions of the bear market to $ 74,400 on the 52nd. Bitcoin began to show signs of separating from the stock market, but as indicated by BTC futures and margin market data, pro traders did not change their strategy.
The longer the long -term ratio, the more reflecting the preference for the long (purchase) location, while the lower ratio indicates the slope of the short (sales) contract. Currently, the long -term ratio of the top traders to Binance is 1.5 times, and it is noteworthy at the 2X level observed 10 days ago. The ratio was 1.1 times on April 17 in OKX, but since then, momentum has been lost and is currently 0.9 times.
As the dollar weakens, the bitcoin shines and the S & P 500 is slashed.
Betcoin’s 10% rally between April 20 and April 24 was coincided with his criticism of Jerome Powell, chairman of the Federal Reserve, faced with monitoring to maintain import tariffs and high interest rates. On April 24, Trump said he was not intended to fire Powell, which shows a remarkable change in his previous investigation.
In economic uncertainty, Deutsche Bank Strategists have reduced their S & P 500 goals from 12%to 6,150 at the end of the year. Meanwhile, the US dollar weakened compared to other major currencies, and pushed the DXY index to less than 99 for the first time in three years. Despite the increase of 6%over the last 30 days, Bitcoin’s achievements have secured one of the world’s eight trading assets with a market cap of $ 1.84 trillion.
The rapid movement of more than $ 90,000 blocked Bitcoin Bears, resulting in more than $ 390 million in the SELL liquidation between April 21 and April 22.
According to the CoingLass data, if the price of Bitcoin maintains an upward momentum and occupies more than $ 95,000, you can pay an additional $ 700 million gift position. This potential short pressure may be particularly difficult for bears, given the strong inflow of the Spot Bitcoin Exchange Trade (ETF), which is over $ 2.2 billion between April 21 and April 23.
The newly announced joint venture related to Softbank, Cantor Fitzgerald, and Tether aims to accumulate bitcoin through convertible bonds and stock financing, which can further strengthen the strong incident. The Bitcoin Treasury Company, named “Twenty One Capital,” is led by Strike founder Jack Mallers and plans to release 42,000 BTC.
relevant: Sovereign funds accumulated at BTC by retail exit -Coinbase Exec
In the BTC margin and futures market, the muted reactions of the top traders have been caused by the recent purchase pressure mainly in the field market, which is generally considered a positive indicator of sustainable bull runs.
The longer the Bitcoin is over $ 90,000, the greater the pressure to cover the bear’s shorts, which is because it strengthens the story that Bitcoin is being separated from the stock market. This can provide the confidence needed to challenge the $ 100,000 psychological threshold.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.