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#cryptotradingpro A widely followed analyst says that $BTC may be gearing up for a series of unexpected explosive moves to the upside for one main reason. In a new thread, crypto trader Michaël van de Poppe tells his 787,600 followers on the social media platform X that Bitcoin may soon increase by more than 82% of its current value. The analyst believes an increasing number of investors will move their wealth into Bitcoin due to its scarcity and store of value attributes as the US dollar weakens. “Bitcoin is going to an all-time high faster than I expected: $120,000 is imminent, $150,000 is imminent, $200,000 is imminent. Why? Because more and more people are done with the constant devaluation of the dollar.” $BTC had a massive breakout Wednesday, briefly crossing $110,000 for the first time in its history. Bitcoin’s prior all-time high was about $108,700; it has since retraced slightly and is trading for $109,639 at time of writing, up 2.6% in the last 24 hours. Next up, the analyst says that $ETH will likely need to hold the $2,410 level as support on the six-hour chart to be able to reclaim $3,000 in the near term. “For ETH, it’s approaching the area to hold. If that holds and we’ll find our way up, I think we’ll see $3,000 quite soon.” Ethereum is trading for $2,556 at time of writing, up 1.1% in the last 24 hours.
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$BTC hit a new all-time high on May 21, with prices rising to $111,860 on Binance on May 22, but the markets lack the state of frenzy associated with new highs. Economist and crypto commentator Alex Krüger noted that “this is the least euphoric new all-time highs” for Bitcoin, after highlighting subdued funding rates for Bitcoin across crypto exchanges. The chart illustrates that the current $BTC funding rate is significantly below previous market highs observed during March and November 2024. The funding rate was six times higher in Q1 and three times higher in Q4 last year. These low rates indicate minimal speculative activity in the futures market, with the rally driven by spot buyers rather than leveraged traders, reducing the risk of over-leveraged corrections.
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Today, the Liquid Federation has announced that the Liquid Network has surpassed $3.27 billion in total value locked (TVL), according to a press release shared with Bitcoin Magazine. “Surpassing the $3 billion threshold marks a pivotal moment for both Liquid and $BTC , signaling the evolution of Bitcoinʼs ecosystem into a full-fledged platform for global financial markets,” said the CEO and Co-Founder of Blockstream Dr. Adam Back. “As $BTC gains mainstream acceptance, and demand for regulated asset tokenization accelerates, Liquid is better positioned than ever to bridge $BTC with traditional finance and drive the next wave of capital markets innovation.”
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#BitcoinRally Bitcoin’s rally to a new all-time high of $111,620 on May 22 was followed by a surge in futures activity, with total open interest (OI) across exchanges reaching $80.91 billion, the highest ever recorded. May 22 OI represents a $6.66 billion increase over the past 24 hours and caps off a five-day climb that added over $15 billion in futures exposure since May 18. Such a significant expansion in open interest shows an increase in participation from both institutional and retail traders, with leveraged positions across the market rising in tandem with Bitcoin’s price. On Binance, the largest derivatives venue by volume, OI hit $13.60 billion, the highest since Dec. 16, 2024. This shows a clear resurgence of speculative positioning on the exchange, which had seen a decline in activity throughout March and April.
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#analises 🔥How To Do A Top Down Analysis?🔥
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