🧵 1. Bitcoin hits near $55,000 for first time since Nov '22, up 6% in one day. Spot volumes slipping but futures market shows high interest levels. #crypto
🧵 1. Bitcoin hits near $55,000 for first time since Nov '22, up 6% in one day. Spot volumes slipping but futures market shows high interest levels. #crypto
🧵 2. Short open interest by hedge funds at all-time high of $3.83 billion, while long open interest by asset managers also at record $3.58 billion, signaling ongoing institutional bets on Bitcoin.
🧵 3. Technical analysts note Bitcoin's surge since Oct '23. On-chain data suggests a possible correction ahead, with predictions of price dropping to around $48,000.
🧵 4. Bitcoin currently at $54,622, up 5.6% with GMCI index up 3.8%. Market anticipates more movement as Bitcoin's price continues to fluctuate.
🧵 Read more at: https://www.theblock.co/post/279213/bitcoin-trades-just-shy-of-55000-for-the-first-time-since-november-2022