Bitcoin (BTC) rallied above $45,000 near the start of Wall Street trading on January 8, as ETF talk brought fresh volatility.
New liquidation warning issued for Bitcoin ETF
Cointelegraph Markets Pro and TradingView It recorded a daily BTC price increase of nearly 3%.
The biggest cryptocurrency saw fresh buying as traders increased open interest in what they called “speculation.”
“While ETF speculators will not be happy if it is not approved today, word on the street is that Wednesday is likely to be the day,” trading resource Material Indicators reported. continuation On X (old Twitter).
“That means we need to prepare for the possibility of another flush. Whales want to shake off the weak hands and buy lower.”
The key indicator references last week's liquidation, which saw the majority of open interest removed as leveraged long BTC positions were unwound.
According to data from Statistical Resources, open interest in Bitcoin futures stood at 407,400 BTC at the time of writing, with an increase of over 8,000 BTC on the day. coin glass.
Financial commentator Ted Talks Macro answers asked a question Whether the size of the increase pre-empted an earlier ETF decision.
Meanwhile, CoinGlass itself is calling for liquidity to increase just above the spot price, showing what could happen if the market moves upwards quickly.
https://t.co/BRDrZnsAYS pic.twitter.com/JLkacnhQek
— Coinglass (@coinglass_com) January 8, 2024
BTC price ignores gold decline
Meanwhile, prominent figures in the Bitcoin community remained cautious despite growing confidence in the ETF launch.
Related article: 100 days until halving — 5 things to know about Bitcoin this week
Hodronaut, an advisor at Bitcoin custodian service The Bitcoin Advisor, said he expected further unreliable price fluctuations surrounding the decision.
“I would be surprised if we didn't see more price fraud related to ETFs,” he said. Said X subscribers.
“In the past, when people have been so unanimous about an impending bullish price trend, there has been a reduction in expectations. Don't trade. Favor low-volume windows.”
Meanwhile, James Van Straten, research and data analyst at cryptocurrency insight firm CryptoSlate, spied on A 1% drop in gold prices is a potentially timely event, given whether market participants are “rotating” into Bitcoin.
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