Bitcoin Nears $120K Amid Bullish Futures and Altcoin Gains
Bitcoin (BTC) is challenging a resistance level at $120,000, aiming for new highs. Bearish traders are increasing short positions, potentially leading to a short squeeze.
Derivatives Positioning
- The BTC futures market remains bullish with open interest above $32 billion and a three-month annualized basis nearing 8%.
- Divergent funding rates: Deribit has a high rate of 25%, while Bybit shows neutral rates, indicating concentrated aggressive long positions.
- The BTC options market is neutral; the put-call volume is slightly call-dominated at 52.25%, down from previous days.
- The 1-week 25 delta skew is flat at 0.33%, showing balanced implied volatility for puts and calls.
- Market metrics indicate a balanced phase after strong bullish sentiment.
- Coinglass reports $380 million in 24-hour liquidations, with a 35-65 split between longs and shorts. A key Binance liquidation level is $121,300.
Token Talk
- The crypto market rose on Friday, with ETH, SOL, and XRP increasing by over 2%. Smaller tokens like ETHFI and CAKE saw rises of 15% and 25%.
- Bitcoin's steady movement at $120,000 supports altcoin performance as capital shifts from BTC to speculative assets.
- MYX Finance (MYX) experienced a 43% drop due to leverage unwinding.
- Plasma's XPL token struggles amid speculation about market maker activities, which the XPL founders deny.