Bitcoin exceeded $ 103,000, causing a wave of forced outings that led to the liquidation of more than $ 900 million in the last 24 hours.
This represents a 200% increase in liquidations during the day before, according to Correglass data. Bitcoin shorts (BTC) represented $ 321 million in liquidations. At the same time, open interests increased by 5% to $ 133 billion, which indicates that new leverage bets enter the market. The relative force index of average crypto has also increased to 70, signaling excessive conditions.
The point of liquidations followed a fast market rebound. With the feeling of risk in international markets, the total value of the cryptography market reached 3.3 billions of dollars, its highest level since early March.
Bitcoin reached a peak of $ 103,460 during Friday’s Asian negotiation hours, up more than 6% during the last day. Ethereum (ETH) led the Altcoin overvoltage, climbing more than 20% to recover $ 2,200 for the first time in two months, while Solana (soil) and XRP (XRP) won 8% and 5%, respectively.
An US-US US trade agreement that President Donald Trump hinted on May 8 sparked the rally and gave new hope in the international markets. This is the case even if the federal reserve did not change interest rates on Wednesday, May 6. But according to the CME Fedwatch tool, the markets are 70% of chances of rate reduction in July and 95% of chances of at least one decrease by October.
Chain data also shows that Bitcoin investors are becoming more confident. Bitcoin’s ceiling has reached a new summit of $ 890.7 billion, its third consecutive weekly record, according to an article on May 8 on X by the cryptocurrency contributor Carmelo Alemán.
This measure, which reflects the total amount of capital invested in Bitcoin according to its latest price movement, indicates a tendency to accumulation sustained by short and long -term holders.
Although the feeling remains optimistic, a certain caution is justified. Santiment has reported that Bitcoin rupture over the “psychological level” of $ 100,000 draws significant attention. However, the company has warned that an excessive optimistic feeling can often mark local heights.
Meanwhile, the CEO of Real Vision, Raoul Pal, noted that the domination of the BTC could have culminated, citing the indicators of Demark. If it is correct, it could point out the start of what he calls the “banana area”, a period of disproportionate gains in altcoins. Cryptographic markets could prepare for their next major ascending step if the current momentum continues.
