Bitcoin had a wild ride this week, folks! It soared past its previous all-time high in the USD and USDT markets, hitting a peak of $111,880. And guess what? The party didn’t stop there! Nope, it kept on climbing on Thursday, leaving traders scratching their heads in confusion. Derivatives traders were pretty chill about the whole thing, not getting too excited like they did in the past when BTC prices went bonkers.
Ethereum, on the other hand, is struggling to get the attention it deserves. Even though it’s riding the Bitcoin wave, institutional investors just aren’t feeling it. But hey, at least the other altcoins in the top 50 are having a blast, rallying like there’s no tomorrow. Good for them, right?
Bitcoin Derivatives: What’s the Scoop?
So, analysts at 10xResearch and Amberdata are saying that it’s not all about speculation when it comes to Bitcoin’s gains. Nope, it’s the spot market strength that’s driving the train. Traders seem pretty bullish on BTC, with the long/short ratio across top derivatives exchanges sitting above 1. But hey, back in 2017 and 2020, that ratio went over 2, so who knows what’s going on this time around?
Oh, and get this: $175 million in shorts got liquidated in the last 24 hours, along with over $47 million in long positions. Ouch! Those bearish traders must be feeling the burn for betting against the Bitcoin rally. But hey, the million-dollar question is: how high can Bitcoin really go?
Ethereum: The Underdog
Ethereum’s on-chain data is showing a slight uptick in open interest, but nothing too crazy, less than 7% in the last 24 hours. Long and short liquidations are hanging out around $60 million each. The long/short ratio is less than 1, even with options volume spiking nearly 60%. Looks like Ethereum’s derivatives traders are playing it cool, not showing their hand just yet.
And get this, the largest altcoin is lagging behind Bitcoin when it comes to interest from derivatives traders. Poor Ethereum just can’t catch a break, can it?
Crypto Trader Sentiment: Where’s the Party?
The Fear and Greed Index is showing some “Greed” among traders, but it’s not off the charts like it was back in 2024. People are just not as hyped about Bitcoin’s rally as you might expect. Maybe that’s a good thing, right? It could mean that we’re not at the tippy-top of the cycle just yet.
Alright, alright, enough with the chit-chat. How high can Bitcoin really go? Well, the target is $122,000, which would be a 127.2% Fibonacci retracement from its recent rally. And hey, technical indicators are looking pretty good for more gains. RSI is in the “overvalued” zone, and MACD is flashing green bars like it’s St. Patrick’s Day.
Shubh Varma from Hyblock Capital thinks that Bitcoin has some solid support around $101,000 to $102,500. And exchanges like Binance and Bybit are seeing a lot of action in that range. So, keep your eyes peeled for what happens next.
Alright, folks, that’s the scoop on Bitcoin and Ethereum this week. Will Bitcoin hit $122,000? Will Ethereum finally get the love it deserves? Only time will tell. Stay tuned for more crypto madness in the coming weeks!
