The main dishes to remember:
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Bitcoins Bearish merchants were caught by the BTC rally over $ 90,000.
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Punctual volumes lead the Rally of Bitcoin prices.
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The derived positions with a lower bias remain at risk of liquidation.
Bitcoin (BTC) Held above the $ 93,000 mark on April 24, suggesting a potential conclusion on the 52-day bear market which reached the bottom at $ 74,400. Although Bitcoin begins to show signs of decoupling of the stock market, professional traders have not changed their strategies, as data on the term contracts and the margins of the BTC indicate.
A higher long short ratio reflects a preference for long positions (buy), while a lower ratio indicates an inclination to short contracts (sold). Currently, the longtime report of merchants on the binance is 1.5x, a significant decrease compared to level 2x observed ten days earlier. In OKX, the ratio culminated almost 1.1x on April 17, but has since lost momentum and is now located at 0.9x.
Bitcoin shines while the dollar is weakening and the S&P 500 targets are reduced
The 10% bitcoin rally between April 20 and April 24 coincided with a more conciliatory position by US President Donald Trump concerning import prices and his criticism of the president of the Federal Reserve Jerome Powell, who was exposed to a meticulous examination to maintain high interest rates. On April 24, Trump said that he had “no intention” to dismiss Powell, marking a notable change in his previous rhetoric.
In the midst of economic uncertainty, the strategists of Deutsche Bank reduced their S&P 500 objective from 12% to 6,150. In the meantime, the The US dollar has weakened Against other important currencies, pushing the index of 99 for the first time in three years. Despite a modest gain of 6% in the last 30 days, Bitcoin’s performance has obtained a place among the best eight negotiable workers in the world, with a market capitalization of 1.84 Billion of dollars.
The acute movement above $ 90,000 captured bitcoin carries doors, which resulted in more than $ 390 million in leverage works (Vende) liquidation Between April 21 and April 22. More importantly, the total interest of the opening for BTC’s term contracts remains only 5% below its top of all time, which indicates that lower traders have not fully left their positions.
If the Bitcoin price maintains its dynamics upwards and exceeds $ 95,000, additional term positions of an additional $ 700 million could be liquidated, depending on Coiglass Data. This short potential pressure can be particularly difficult for bears, given the Robust obstacles In Spot Bitcoin Exchange Traded Funds (ETF), which totaled more than $ 2.2 billion between April 21 and April 23.
A newly announced joint venture involving Softbank, Cantor Fitzgerald and Tether aims to accumulate bitcoin Through convertible bonds and joint -stock financing, which could further strengthen the bullish case. Appointed “Twenty One Capital”, Bitcoin Treasury Company is led by the founder of Strike Jack Mallers and plans to launch with 42,000 BTC.
In relation: Sovereign wealth funds accumulate in the BTC as retail outlets – Coinbase Exec
The gourmet response of the best traders in the margin markets of the BTC and the term contracts suggests that the recent purchase pressure is mainly from the punctual markets, which is generally considered as a positive indicator for a sustainable bull race.
The longer the Bitcoin, the longer $ 90,000 is consolidated, the greater the pressure on the bears to cover its shorts, because this level strengthens the story that bitcoin hates from the stock market. This could provide the trust to challenge the psychological threshold of $ 100,000.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.