Cryptocurrency

Long

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/record-highs-in-crypto-open-interest-spark-squeeze-concerns" rel="noopener noreferrer nofollow">Record Highs in Crypto Open Interest Spark Squeeze Concerns</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/trezor-launches-new-education-project-to-promote-bitcoin-in-africa" rel="noopener noreferrer nofollow">cryptocurrency</a> market is witnessing a surge in open interest volumes, particularly in <a href="https://en.bitcoinhaber.net/bitcoin-price-fluctuations-and-expert-tone-vays-market-forecasts" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.bitcoinhaber.net/ripples-vision-for-a-defining-year-in-crypto-2024" rel="noopener noreferrer nofollow">XRP</a>, creating discussions among investors about potential market threats. The bullish sentiment has led to an uptick in long positions, implying a possibility of a long squeeze in these digital assets. Notably, this rise in open interest is indicative of the market’s optimistic outlook, yet it also brings about risks of a market correction if a long squeeze were to be triggered.</p>
<h2 id="bitcoin-reaches-new-open-interest-peak">Bitcoin Reaches New Open Interest Peak</h2>
<p style="text-align: justify">Recent reports indicate that Bitcoin’s open interest has soared to a new record high of $33.94 billion, exceeding the previous peak by over $10 billion. This level of open interest coincides with Bitcoin’s value at the height of its last rally, suggesting a high concentration of long positions. Concurrently, funding rates for Bitcoin have also scaled new heights on various exchanges, signaling a potentially precarious market situation that could lead to a long squeeze.</p>
<h2 id="xrp-faces-long-squeeze-possibility">XRP Faces Long Squeeze Possibility</h2>
<p style="text-align: justify">Similarly, XRP is experiencing discussions regarding the likelihood of a long squeeze. Compared to Bitcoin, XRP’s liquidity pools are much slimmer, which adds uncertainty to the potential impact of a squeeze. Market analysts caution that, should manipulators target these long positions, XRP’s value might plummet, affecting investor portfolios.</p>
<p style="text-align: justify">Cryptocurrency observers are closely monitoring the market for signs of a squeeze, with Bitcoin’s price forming a base at its previous all-time high of $69,000. If a long squeeze does occur, price targets for a pull-back to approximately $50,000 for Bitcoin and $0.5 for XRP are being discussed as likely scenarios.</p>
<p style="text-align: justify">At present, Bitcoin and XRP are trading at $73,394 and $0.6836, respectively. Market dynamics suggest that a long squeeze could significantly reduce their valuations, posing a risk to investors banking on the current bullish trend.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/record-highs-in-crypto-open-interest-spark-squeeze-concerns" rel="noopener noreferrer nofollow">Record Highs in Crypto Open Interest Spark Squeeze Concerns</a></h5>

Record Highs in Crypto Open Interest Spark Squeeze Concerns

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