- Ah, the BTC Open Interest has gone and exploded to a staggering $80 billion! But beware, dear latecomers, for liquidation may be lurking just around the corner, ready to pounce! 🐅
- In a delightful twist, the selling pressure is as low as a butler’s bow when compared to the previous all-time high in late 2024. Fancy that! 🎩
On the 22nd of May, Bitcoin [BTC] decided to throw a grand party, with speculative activity reaching a record high of $80 billion. Quite the soirée, I must say!
This figure is a cheeky $10 billion more than the previous peak in late 2024. However, unlike the last local peak, there’s no frothy excess in sight—just a calm before the storm, perhaps?
Yet, in a plot twist worthy of a farcical novel, despite this record OI spike, the BTC price took a little tumble, slipping below $111K on Thursday. Oh, the drama! This has sparked concerns of a potential cool-off or, heaven forbid, upside volatility! 😱
Market Expects an Extra Run
According to the liquidation heatmap, there’s a risk of a brief cool-off. One can only hope it’s not a full-blown ice age!
As per the wise folks at Kingfisher, there’s a concentrated leveraged bull lounging around the $108K-$109K area, down to $104K, while shorts are nervously hovering above $111K. Quite the game of cat and mouse!
In the event of a liquidity-driven flush out, it seems a slight dip could be on the cards. And lo and behold, BTC has already tagged the $108K mark as I pen this missive!
However, fear not! Any brief dip may serve as a springboard for a further rally, as the key overheated market indicators are whispering sweet nothings of potential growth. 📈
Notably, the Swissblock trading firm has declared that the current realized profit of about $3 billion is a mere shadow of the last December peak of $10 billion. They boldly stated,
“Bitcoin just hit a new ATH, and selling pressure is nowhere to be found. No big profit-taking, no panic. Bitcoin may have more room to run.”
In a similar vein, Alphractal’s João Wedson painted a rosy picture of the market based on trading volume by Bitcoin funds. He noted that the last BTC top was flagged when the BTC ETF Fund index hit a record high. Alas, that has yet to be seen, despite the new ATH price for BTC. He added,
“There is still room for growth before a potential extreme euphoria in this segment.”
Now, if we zoom out on the weekly charts, we find BTC is about 10% shy of tagging the multi-year trendline resistance (the yellow line of doom). In 2023, 2024, and 2025, BTC faced rejection at this level. Will history repeat itself? One can only hope it’s not a tragic comedy!
If the past is any guide, BTC may face another extended correction only after tagging this hurdle, which could range anywhere from $118K to a dizzying $130K. 🎢
In summary, BTC may cool off slightly to shake out those latecomers between $104K-$108K. But fear not, for key indicators suggest the asset has a bit of extra ammunition to push higher. Onward and upward, dear friends!
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2025-05-23 17:17