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Analyst Warns Bitcoin Pump Is Fueled By Leverage – Metrics Reveal Rising Open Interest

Analyst Warns Bitcoin Rise Fueled By Leverage – What The Metrics Show

Sebastian Villafuerte
by Sebastian Villafuerte
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is currently holding strong above the $60,000 mark after a notable 5% pump from this price on Friday. The cryptocurrency market is experiencing a wave of uncertainty and volatility as traders express differing opinions regarding the reasons behind this upward movement. Some market participants believe this could signal the beginning of a massive bull run, particularly in light of the Federal Reserve’s recent decision to cut interest rates.

Related Reading: Bitcoin Whales Bought 1.5M BTC In The Past 6 Months: Smart Money Accumulation?

However, not all analysts are convinced of a sustainable rally. Top analyst and investor Maartunn has shared critical data from CryptoQuant, indicating that the recent pump may be primarily driven by leverage rather than genuine market demand. This insight raises questions about the sustainability of the current price action, suggesting that if leverage is indeed the main driver, a correction could be imminent.

As investors weigh these contrasting perspectives, all eyes are on Bitcoin’s price movements. Will it solidify its position above $60,000 and rally further, or is a pullback on the horizon? The coming days will be pivotal in determining the direction of Bitcoin and the broader cryptocurrency market.

Bitcoin Rally Or Bull Trap?

Speculation is running high regarding Bitcoin’s direction in the coming weeks, with many investors optimistic that a bull run phase may be on the horizon. This optimism is buoyed by recent price movements, particularly the 5% surge that has brought Bitcoin above the $60,000 mark. However, not all analysts share this bullish sentiment. Top analyst and investor Maartunn is cautioning traders about the potential risks associated with this recent rally.

Maartunn’s analysis includes a chart revealing that the recent price pump was primarily driven by leverage, posing significant risks. The previous drop from $64,000 to $59,000 was initiated by an overabundance of leveraged positions, leading to forced liquidations that exacerbated the downward movement.

Currently, over $1.5 billion in leverage is again fueling Bitcoin’s rally, making the market susceptible to volatility and sudden corrections.

Bitcoin pump is driven by leverage.
Bitcoin pump is driven by leverage. | Source: Maartunn on X CryptoQuant chart

While spot buyers might step in to absorb this risk, helping to push the price to higher levels, there remains a significant chance that the rally could falter if open interest is the primary driver. If the buying pressure is predominantly from leveraged positions, a sharp retracement could occur, particularly if market sentiment shifts or key support levels are breached.

Related Reading: US Spot ETFs Hold 4.6% Of Bitcoin Supply – Is BTC Institutional Demand Growing?

As traders navigate this precarious landscape, the balance between optimism and caution will be crucial. Will the market sustain its upward momentum, or are we on the verge of another significant pullback? Only time will tell, but the implications of leverage will be a key factor to watch in Bitcoin’s near-term price action.

BTC Technical View: Holding Above $62,000

Bitcoin is currently trading at $62,500 after a week marked by volatility, characterized by significant ups and downs. The price has managed to stay above the critical $60,000 mark, with the 1D 200 exponential moving average (EMA) tested as support around this level. However, Bitcoin faced resistance at the daily 200 moving average (MA) at $63,400 and is now oscillating between these two indicators, with the EMA acting as support and the MA as resistance.

BTC ranging between the 1D 200 EMA & MA.
BTC ranging between the 1D 200 EMA & MA. | Source: BTCUSDT chart on TradingView

For bulls to regain momentum, a decisive surge above the 1D 200 MA is crucial. Achieving this could open the path to the next liquidity level around $66,000, presenting an opportunity for further gains. 

On the flip side, if Bitcoin fails to maintain its position above $60,000, there is a significant risk of a deeper correction, potentially retracing to lower demand levels around $57,500. This precarious balance between support and resistance highlights the critical nature of current price action, as traders closely monitor key levels to determine Bitcoin’s next move. 

Related Reading: Dogecoin Whales Back In Action – Metrics Reveal $108 Million DOGE Accumulation

With both bullish and bearish scenarios at play, the upcoming days will be pivotal for Bitcoin’s trajectory.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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