Bitcoin {BTC} On Thursday, a new record above $ 110,000 ran galloping at a high level, liquid the derivative positions of about 500 million dollars to wake up, but some traders are not buying rapidly.
The trading volume increased by 74% in the last 24 hours, as the traders tried to bring themselves into a position, although most of these traders are choosing the option to decrease – or growing downs on the bitcoin.
Conaliz data Shows that the longer/shortest ratio since September 2022 is at its lowest point, which was between the Crypto winter.
The trend began on April 21 as traders aggressively reduced the breakout of above $ 85,000, under the notion that bitcoin had already formed its cycle high and would be a double top by any step later.
However, despite Retail participationBitcoin continued to grind high, took out a level of resistance of $ 97,000 and $ 105,000 on its way.
This step can be attributed to many factors; Tariff worries as a recovery in American equities cooled down, to increase institutional activity on exchanges like CME, and significantly to squeeze the treasure of low positions and to make prices more.
Although these small situations can be considered a recession in terms of market structure, they are actually fans to reverse the flame because it rapidly gives the traders’ areas to target the areas of traders and to operate the stop-loss hunting as we saw earlier this week.
It is not necessary to shorten the record high of a property that is a bad strategy; A merchant often opt for the option to enter a small position at the level of resistance, whether it is technical or psychological, and prevent the loss over the layer where the thesis of a small business would be invalid.
In this case, if a merchant had a small part of $ 105,000 on each of the three tests in that area, they could shut their position in profit at $ 102,000 on three occasions, which means that even though they were excluded from business in $ 109,000, it would be a profitable week.
Along with continuous increase in small conditions -we have seen unevenly viewing open interest jump for BTC. The BTC is up 4.8% in the last 24 hours, while the open interest is increasing by 17% despite the liquidation of hundreds of million.
This indicates that the record is powered by high brake leverage and may be less durable that drives above $ 100,000 in December and January.
It remains to be seen whether the interest in low conditions is increasing if the BTC rolls with its significant step above $ 111,000, but is definitely a mine of small positions to squeeze out some of the ammunition when needed.
Read more: Bitcoin rally focuses on $ 115K for high records where a ‘invisible hand’ can run slowly
