Bitcoin Hit High Or Low again?

Liquidations increased by 200% from the day before, according to Coinglass data. Bitcoin shorts caused 321 million in liquidations. At the same time, open interest grew by 5% to 133 billion, which shows that new leveraged bets are coming into the market. The average crypto strength index has also gone up to 70, indicating that assets are overbought. With a positive sentiment returning to global markets, the total crypto market value hit 3.3 trillion, its highest since early March.

Bitcoin reached a high of 104k during Friday, rising over 6% in the last day. Ethereum led the altcoin rise, jumping over 20% to reach $2,200 for the first time in two months, while Solana and XRP also saw increases.

A trade agreement in the U.K. hinted by President Donald Trump on May 8 triggered the rally and brought hope to global markets. However, the CME FedWatch tool indicates a 70% chance of an interest rate cut by July and a 95% chance of at least one cut by October.

This trend shows the total investment in Bitcoin based on recent price changes, reflecting ongoing buying by both short- and long-term holders.

While the mood is positive, there is some caution needed. Santiment reported that Bitcoin’s rise above the $100K mark has attracted a lot of retail interest. However, they warned that too much optimism can often indicate a peak.

Meanwhile, Real Vision's CEO Raoul Pal pointed out that Bitcoin’s dominance might have peaked, using DeMark indicators. If correct, this could mean the start of what he calls the "Banana Zone," a time when altcoins might gain significantly. Crypto markets could be getting ready for another big upward movement if the current trend continues.

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