Bitcoin Open Interest Surges To $22.5 Billion
Bitcoin’s open interest hit $22.5 billion, signaling high interest and activity in the market and reflecting bullish trader sentiment toward further price increases. Approximately 75% of Bitcoin inflows are coming from newly launched ETFs. However, concerns have been raised that once these ETFs stop trading, it could negatively impact Bitcoin’s price.
S&P 500 To Hit 5,200 by 2024?
Bitcoin’s price often moves with the S&P 500, and Goldman Sachs has revised its forecast for the S&P 500, expecting it to reach 5,200 by the end of 2024. This change is attributed to higher profit estimates in the stock market, which is good news. The adjusted forecast represents a 3.9% rise from the current closing price and aligns with positive sentiments from other analysts.
Bitcoin’s $60K Path To Meet Potential Downside?
Bitcoin’s price surge aligns with a notable increase in open interest, indicating investor confidence in its upward trajectory. However, a significant resistance level lies around $53,200, challenging for Bitcoin to surpass. Furthermore, as big investors enter the market, concerns about how Bitcoin’s price may be affected have been raised, making it harder to predict what will happen next.
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