📊 Why is Bitcoin skyrocketing? CryptoQuant analyst deep dive
Recently, Bitcoin (BTC) broke through the $79,000 threshold, reigniting the market's hopes for a 'bull market return.' However, experts advise traders to stay calm.
What's actually happening?
CryptoQuant analyst Alemán pointed out that the main driver behind this surge is a massive short squeeze.
Liquidation data: The short positions for BTC alone faced liquidations totaling around $607.9 million. Futures vs. Spot: This price action is primarily driven by activity in the perpetual contract market rather than genuine demand in the spot market. Pullback risk: CryptoQuant's research head, Julio Moreno, warns that spot demand is currently on a downward trend. Without support from the spot market, if traders start to take profits, the market may face a pullback risk.
Bullish signals:
Despite derivatives dominating, the Coinbase Premium has turned positive, indicating a resurgence of interest from U.S. investors. Improved macro conditions: A temporary ceasefire in the U.S.-Iran conflict has boosted the market's appetite for risk assets.
Advice for traders:
Currently, $80,000 is an extremely sensitive key resistance level. If spot demand cannot keep up in the coming days, the current rebound could turn into a 'bull trap.'
Note: The above content does not constitute investment advice. Please ensure to do your own research (DYOR).
#Bitcoin #BTC #CryptoQuant #加密货币分析 #行情走势
Recently, Bitcoin (BTC) broke through the $79,000 threshold, reigniting the market's hopes for a 'bull market return.' However, experts advise traders to stay calm.
What's actually happening?
CryptoQuant analyst Alemán pointed out that the main driver behind this surge is a massive short squeeze.
Liquidation data: The short positions for BTC alone faced liquidations totaling around $607.9 million. Futures vs. Spot: This price action is primarily driven by activity in the perpetual contract market rather than genuine demand in the spot market. Pullback risk: CryptoQuant's research head, Julio Moreno, warns that spot demand is currently on a downward trend. Without support from the spot market, if traders start to take profits, the market may face a pullback risk.
Bullish signals:
Despite derivatives dominating, the Coinbase Premium has turned positive, indicating a resurgence of interest from U.S. investors. Improved macro conditions: A temporary ceasefire in the U.S.-Iran conflict has boosted the market's appetite for risk assets.
Advice for traders:
Currently, $80,000 is an extremely sensitive key resistance level. If spot demand cannot keep up in the coming days, the current rebound could turn into a 'bull trap.'
Note: The above content does not constitute investment advice. Please ensure to do your own research (DYOR).
#Bitcoin #BTC #CryptoQuant #加密货币分析 #行情走势