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Bitcoin Falls to $70,800 as Open Interest Hits All-Time High
Bitcoin is currently trading around $70,800, maintaining a narrow range for the past few days. Recent data indicates that Bitcoin’s open interest in derivatives has reached an all-time high. CryptoQuant analyst Maartunn has published the latest chart on Bitcoin’s open interest, which represents the total number of active derivative positions across all exchanges. An increase in this metric signifies that investors are opening new positions in the market. As this trend develops, the overall lever
Ethereum Aims for $5000 as Market Awaits ETF Approval
Ethereum’s price is consolidating within a broader bullish market structure—a bull flag. Investors are closely monitoring the moment Ethereum’s price decides to surge, as missing this move could result in a potential 30% gain slipping away. Meanwhile, Bitcoin adoption continues to soar as BTC aims to break past its previous all-time high.
During European trading hours on Friday, ETH was trading around $3,811, marking a 1.3% decline over the past 24 hours but a 1.4% increase over the week.
Ethereum’s price has been trapped in the current consolidation zone for the past eight days. However, this chart pattern is part of a previously formed bull flag, suggesting significant potential gains if a breakout occurs. Ethereum’s price is trending above the 50-day and 200-day simple moving averages (SMA), indicating bullish sentiment among investors.