Yesterday, US stock indices continued to hit new highs, and Bitcoin finally successfully challenged the $110,000 mark again. Although it is a bit regrettable that it did not follow the US stock market to hit new highs, it has at least temporarily stabilized at the $109,000 level, turning the resistance level of the past two weeks into a support point. Although the US non-farm payrolls in June exceeded expectations and the unemployment rate unexpectedly fell, which is unfavorable for the interest rate cut narrative this month, the market has basically anticipated a high chance of an interest rate cut in September, thus driving the market up.
However, currently maintaining the momentum of Bitcoin's rise, in addition to the expectation of interest rate cuts in the United States, there are also reasons from the cryptocurrency market itself. Looking at Coinglass's exchange contract funding rate table, both Bitcoin and Ether are at relatively low levels, indicating that the number of open short positions on exchanges is greater than that of long positions. At the same time, the number of open contracts is also close to its annual high, so if these short positions have not yet been reduced or liquidated, there is still some upward space for the cryptocurrency market.
Since today is the US Independence Day holiday, the US stock market closed early at 1 PM on Thursday local time, entering the weekend break. Additionally, Trump's big and beautiful plan has also successfully passed, temporarily removing a short-term negative factor, so it is expected that there will not be significant turbulence in the market in the future. Next week, July 9, is the deadline for the US to establish reciprocal tariff suspension measures. Currently, the event that can influence market trends is this one, but so far there have not been any major roadblocks, so we can temporarily expect the market's upward momentum to continue.
"MICA Daily｜The number of open short positions is rising, and Bitcoin successfully challenges $110,000" This article was first published on (Block客).
