Bitcoin Price Jumps Towards $36,000 as Open Interest Rises
Bitcoin nearly hits $36,000 mark in a swift price leap that surprises traders,fueling optimism for the future.
Bitcoin's price almost hit $36,000 in a surprising market move called a "short squeeze."
Data from Coinpaprika showed a sudden Bitcoin price jump during high exchange interest. Experts had thought this big interest might cause price changes, but it wasn't clear which way it would go.
Instead of dropping, Bitcoin's price went up fast, nearing $35,900. Before this, some traders expected a price surge if it passed a critical point of $34,800.
An online tracker called Material Indicators thought $36,000 was too high a goal for this week. They doubted Bitcoin would reach that before the weekly trading session ended.
Trader Daan Crypto Trades spotted unusual patterns in the market, with Bybit traders showing more optimism than those on Binance, which could lead to varied trading outcomes.
A chart comparison showed Binance's prices dropping after the squeeze. It will be interesting to watch what happens next, highlighting the different attitudes on Bybit and Binance.
Overall market analysis suggests we haven't seen the full effects of the recent price changes on Bitcoin futures yet. The commentary by Tedtalksmacro highlighted that short interest on Binance had fallen, with Bitcoin at $35,300 and a still high interest of over $15 billion according to CoinGlass.
