Market updates
Spot Demand and Futures Liquidations Propel Bitcoin Above $100K
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2024-12-12 | 5m
Bitcoin surged past $100,000 after a reset in funding rates and a resurgence of the Coinbase premium, signaling renewed market optimism. This milestone follows a period of cautious trading ahead of the U.S. Consumer Price Index (CPI) release, which revealed a slight rise in inflation. Historically, crypto markets show hesitancy before such data and Federal Reserve meetings but tend to rally afterward, depending on the outcomes.
The return of a strong spot bid, highlighted by the Coinbase premium, was an early indicator of Bitcoin's potential for upward movement. Alongside spot buying, futures market liquidations also contributed to the price surge. As traders pushed the price higher, the $101,500 zone emerged as a significant resistance level, where substantial sell orders are concentrated. Analysts suggest that overcoming this range could trigger further liquidations, propelling Bitcoin closer to its all-time high.
While the rally showcases Bitcoin's resilience, further price movements depend on market conditions and continued bullish momentum. Some analysts predict Bitcoin could soon aim for the $110,000 level.
Source:
Cointelegraph
Futures Market Updates
In the past 24 hours, both BTC and ETH futures saw an increase in open interest, with ETH futures rising more significantly (+6.23%) compared to BTC futures (+4.36%). Trading volumes declined for both, with ETH futures experiencing a steeper drop (-34.88%) than BTC futures (-19.07%). Short liquidations dominated in both markets, but BTC had higher liquidation totals ($56.75M short vs. $15.47M long) compared to ETH ($32.42M short vs. $9.56M long). The long/short ratios for both markets were nearly balanced, with BTC slightly more long-biased (50.84%) than ETH (50.50%). Funding rates were comparable, with ETH futures marginally higher (0.0096%) than BTC (0.0092%).
BTC Futures Updates
Total BTC Open Interest: $61.96B (+4.36%)
BTC Volume (24H): $87.91B (-19.07%)
BTC Liquidations (24H): $15.47M (Long)/$56.75M (Short)
Long/Short Ratio: 50.84%/49.16%
Funding Rate: 0.0092%
Ether Futures Updates
Total ETH Open Interest: $26.26B (+6.23%)
ETH Volume (24H): $44.92B (-34.88%)
ETH Liquidations (24H): $9.56M (Long)/$32.42M (Short)
Long/Short Ratio: 50.50%/49.50%
Funding Rate: 0.0096%
Top 3 OI Surges
AERGO: $18.96M (+202.11%)
DEXE: $581.49K (+115.27%)
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