Bitcoin continues to break records, with analysts predicting a new all-time high (ATH) for the cryptocurrency. As the focus shifts to the US Non-Farm Employment data, Bitcoin ETF inflows are reaching unprecedented levels.
In addition to setting ETF records, Bitcoin recently reached a peak of $37 billion in open positions, marking a new milestone in BTC futures positions. These consecutive records point to a positive market sentiment and growing expectations for Bitcoin to reach new highs in the near future.
Data from Coinglass shows that over $5 billion in open positions have been added to Bitcoin since Monday, with the price rising from $68,500 to $71,000 during this period. The Chicago Mercantile Exchange (CME) leads in open positions with $11 billion out of $37.7 billion, followed by Binance with $8 billion.
Long-Short position ratios have also seen a significant increase, rising from 0.94 to over 1, indicating a favorable market sentiment towards Bitcoin. Analysts predict further growth for BTC in the coming weeks, with senior manager Ruslan Lienka from the cryptocurrency exchange YouHodler suggesting that new ATHs may be on the horizon.
Lienka stated in an interview with Coindesk that Bitcoin could surpass the $71,000-$73,000 resistance level and set new highs in the following weeks, driven by positive financial market outlooks. Factors such as expected interest rate cuts in the US and Europe, along with increased trading activity in meme and undervalued stocks, signal a growing risk appetite for investors.
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