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Increasing spot and futures volumes indicate traders are re-entering the crypto space.
While traders are aiming for upward movements, charts suggest swing traders may sell near intra-day high points.
Price movements in the crypto market became unstable on Tuesday, with Bitcoin (BTC) reaching a daily peak of $114,000, and Ether (ETH) achieving a brief surge to $4,110. Solana’s SOL (SOL) also made an effort to surpass the $200 mark with a quick rise to $198. These breakout rallies, particularly in Bitcoin’s case, correspond with an increase in BTC’s open interest, implying that traders are coming back into the market following the significant sell-off on October 10, during which $20 billion in futures were liquidated.
Evidence of traders re-entering the market is evident in CoinGlass data, which reveals that Bitcoin futures open interest has climbed above $32 billion from its low of $28 billion on October 11.
Hyblock analysts presented a chart demonstrating the rise to $114,000 from $107,453, correlating with Bitcoin’s four-hour anchored open interest and a positive cumulative volume delta. This breakout rally also saw a rise in BTC’s funding rate, indicating that futures markets influenced the movement.
According to the analysts, as Bitcoin’s price re-establishes itself within a post-sell-off range, traders will start to focus on the largest liquidity zones; this was evident today as BTC absorbed liquidity in the $114,000 to $115,000 range.
Also See: Price forecasts 10/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, HYPE
While the data indicates that traders are increasingly willing to take on risk, Cointelegraph technical analyst Rakesh Upadhyay noted, “sellers are likely to continue exiting profitable positions at intra-day range highs,” while bulls are anticipated to support the $107,000 threshold.
This article does not offer investment advice or recommendations. Every investment and trading action involves risk; readers are encouraged to conduct their own research when making decisions.
