Crypto futures racked up losses of over $540 million in the last 24 hours as Bitcoin (BTC) jumped to $68,000 and then retreated. Additionally, as the Bitcoin and Ethereum rally gains momentum, open interest in both assets is reaching record levels. The volatility in the markets has stunned both bulls and bears, while the volatility and open interest are reminiscent of the feverish days of the 2021 rally. So I'm not worried about extreme fluctuations, I just stay calm and believe that Bitcoin will break new records sooner or later.
Bitcoin (BTC) Weekly Chart
Source
Bitcoin (BTC) is currently trading around $67,077. Many investors, including me, believe that Bitcoin will hit a new ATH soon. However, Bitcoin reaching its all-time high means that Bitcoin holders will all be in profit. Therefore, those who want to take their profits early will sell, while those who believe that Bitcoin will rise further will buy, which will inevitably bring about fluctuations. When we examine the weekly chart of Bitcoin above, fluctuations are clearly seen as Bitcoin moves towards historical highs in 2021, and there may be similar fluctuations this year, but Bitcoin is much stronger than in 2021, so I do not expect sharp declines, but even if there are extreme fluctuations, I will remain calm because current data It shows that Bitcoin will rise further.
Liquidation Heatmap
In the last 24 hours, long positions or bets on higher prices lost over $250 million, while short positions or bets on lower prices lost over $293 million. In other words, a total of $543 million evaporated in the last 24 hours.
Bitcoin BTC Derivatives Data Analysis
Open interest in Bitcoin (BTC) exceeded $32 billion, breaking the record of $24.3 billion set on April 14, 2021. Meanwhile, the price of Bitcoin was around $64,000 on April 14, 2021.
Ethereum (ETH) Derivatives Data Analysis
Open interest in Ethereum (ETH) has surpassed $12.8 billion, coming very close to the $13 billion peak seen on November 9, 2021, the day Ethereum hit its all-time high of $4,810.
Even current data points to all-time highs, so it does not disappoint expectations for a new ATH. However, on the other hand, current data shows that fluctuations in the markets are inevitable, so if you are a long-term investor, it is better to stay calm.
I expect Bitcoin to hit a new ATH ahead of the halving event in April, but I also expect it to move even higher. Additionally, I have high expectations for an Ethereum (ETH) exchange-traded fund (ETF) to be approved in May or June. Therefore, I believe that this year Bitcoin and Ethereum will not only break all-time records but also reach much higher prices. In the short term, Bitcoin and Ethereum prices may fluctuate much more, but in the long term I have no doubt that they will both set new records, so I just follow the developments and do not worry about the fluctuations and continue to remain calm. Also, current data shows that bull season has begun, so there will be many more chances to get excited in the coming months, so it's best for me to stay calm right now.
Thank you for reading
@rtonline
This is not investment advice, I talked about current developments and only my personal opinions. It is very difficult to know which direction the prices will go in the crypto market, I am just talking about my predictions and predictions may not come true. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
