Ethereum

Long

Bitcoin

<div class="finbold">
 <p class="paragraph">The cryptocurrency open interest volume has skyrocketed to record highs, bringing huge volatility to derivatives and spot markets. While traders bet on the outcome of cryptocurrencies like Bitcoin (BTC) and XRP, they leave positions behind, threatening liquidations.</p>
 <p class="paragraph">In particular, the current bullish momentum has fueled traders’ greed and encouraged the opening of long positions. This trend is gaining strength, and multiple indicators suggest a long squeeze could be incoming for top-traded assets.</p>
 <p class="paragraph">Finbold turned to different sources and found relevant long-<a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a> alerts in the market, with special attention to the leading cryptocurrency, Bitcoin.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Brace for ‘hot April’ and XRP at $0.77; Here’s why <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Here's how many millionaires Bitcoin creates daily <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Ethereum Dencun upgrade goes live; Can ETH hit $5k? <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Major short squeeze incoming for MicroStrategy stock <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <h2 class="wp-block-heading" id="h-bitcoin-btc-open-interest-and-funding-rates-at-all-time-highs-nbsp">Bitcoin (BTC) open interest and funding rates at all-time highs&nbsp;</h2>
 <p class="paragraph">Notably, the well-known crypto journalist <em>Colin Wu</em> reported a record high of $33.94 billion in Bitcoin open contracts. This marks a new all-time high (ATH), more than $10 billion superior to the previous ATH of $23.04 billion of open interest in BTC.</p>
 <p class="paragraph">On that note, Bitcoin reached the previous high in November 2021, right at the end of the last cycle’s rally.</p>
 <p class="paragraph">Moreover, the leading cryptocurrency’s funding rate on major exchanges also made new highs. Therefore, such an inflated funding rate increases the threat of a long squeeze due to extreme imbalances.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="486" src="https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp" alt class="wp-image-160969" srcset="https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp 1024w, https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp 300w, https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp 768w, https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp 1536w, https://cdn.thebittimes.com/images/2024/03/14/cda94ff5a7e3468da22a602217ec53a8.webp 1705w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Futures Open Interest. Source: <em>SoSoValue</em> (<em>Colin Wu</em>)
  </figcaption>
 </figure>
 <p class="paragraph">Liquidity pools in <em>CoinGlass</em>’s monthly liquidation heatmap suggest $50,000 as a likely <a rel="noopener noreferrer nofollow" title="retrace" href="https://thebittimes.com/tag/retrace.html">retrace</a>ment target in the occurrence of a long <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>. However, Bitcoin is shaping price support at $69,000, as the previous all-time high and resistance.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="519" src="https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp" alt class="wp-image-160970" srcset="https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp 1024w, https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp 300w, https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp 768w, https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp 1536w, https://cdn.thebittimes.com/images/2024/03/14/7191509ce47e9fdaf77b9d4f4e07ce92.webp 1836w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bitcoin liquidation heatmap. Source: <em>CoinGlass</em> (Finbold)
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="xrp">XRP</h2>
 <p class="paragraph">Looking at other cryptocurrencies’ liquidation status, XRP surges as the second-most likely crypto to long <a rel="noopener noreferrer nofollow" title="squeeze" href="https://thebittimes.com/tag/squeeze.html">squeeze</a>. Nevertheless, its liquidity pools are far smaller than Bitcoin’s; thus, non conclusive.</p>
 <p class="paragraph">XRP could <a rel="noopener noreferrer nofollow" title="retrace" href="https://thebittimes.com/tag/retrace.html">retrace</a> to the $0.5 price <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> if market makers hunt these long positions.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="476" src="https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp" alt class="wp-image-160971" srcset="https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp 1024w, https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp 300w, https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp 768w, https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp 1536w, https://cdn.thebittimes.com/images/2024/03/14/85edb2357d06ef228f3126cf418a4bdf.webp 1836w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   XRP Liquidation heatmap. Source: <em>CoingGlass</em> (Finbold)
  </figcaption>
 </figure>
 <p class="paragraph">In summary, Bitcoin and XRP traded at $73,000 and $0.685 by press time, respectively. Under the proper conditions, a long squeeze could cause both cryptocurrencies to fall to as low as $50,000 and $0.50.</p>
 <p class="paragraph">Still, the crypto landscape is unpredictable and highly volatile, meaning this scenario can change anytime. Positive news and developments could keep these projects strong this week, fueling higher prices instead of lower ones. Investors must trade cautiously and avoid over-exposure in any direction.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/long-squeeze-alert-btc-and-xrp-could-retrace-to-these-levels-tbt82473.html">https://thebittimes.com/long-squeeze-alert-btc-and-xrp-could-retrace-to-these-levels-tbt82473.html</a></p>

Long squeeze alert: BTC and XRP could retrace to these levels

Table of Contents

TheBitTimes

Other articles published on Mar 13, 2024

Bitcoin Fog Founder Convicted in $400 Million Crypto-Mixing Scandal

Expanding Horizons: Bitcoin ETF Appetite Outstrips Supply Projections

Meme AI Price Prediction: MEMEAI Pumps 10% As This New AI Meme Coin ICO Soars Towards $10 Million...

BlackRock CEO Declares Bitcoin “Digital Gold” and a Stellar Long-Term Store of Value

Detailed schedule for PLA-to-PDA migration progress for self-custody PLA holders

El Salvador drops income tax for foreign investments and remittances

Join our free newsletter for daily crypto updates!