Bitcoin futures open interest reaches $88.7 billion, hitting a record high; analysts warn of potential large-scale leveraged liquidations
BlockBeats News, October 3, according to CoinGlass data, the total open interest (OI) of bitcoin futures across the entire network reached a record high of $88.7 billions today. Currently, the price of bitcoin is consolidating around $120,000.
The record-breaking open interest indicates an excessively high level of leverage in the derivatives market. Trader BitBull predicts that bitcoin and altcoins will experience a "large-scale leverage liquidation" within the next 1-2 weeks. He believes that the liquidation will force some traders to sell, but after that, the market will rebound again and reach new highs.
Other analysts have differing views. Trader CrypNuevo believes the upside target is around $123,200. Meanwhile, trader Roman points out bearish divergence on both the daily and weekly charts, warning of the risk of weakening momentum. CoinGlass data shows that current support liquidity is mainly concentrated around $118,500.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Reserve Bank of Australia raises interest rates to 4.6%: Four hikes this year, further increases not ruled out
The Reserve Bank of Australia raised interest rates by 25 basis points to 4.6%, reaching a 15-year high. The rate has increased by a total of 100 basis points this year to curb inflation caused by the Middle East conflict.
High-Yield Attraction: Japan's 40-Year Government Bond Auction Covered 3.1 Times, Strongest Demand Since 2020
Japan's 40-year government bond auction recorded its strongest demand in six years, as high yields attracted investors back to the country's longest-term debt instrument, providing potential relief for fragile global markets.
BlackRock trims GEA Group voting rights to 9.21% from 9.40%
Toyota (TM.US) sales in China dropped by 23% in August, marking the seventh consecutive monthly decline in global sales
Toyota’s sales have declined for the seventh consecutive month.
Crypto prices
More
