Bitcoin (BTC) Price Revisits $100K as Trump Inauguration May Trigger Breakout: Van Straten
On Wednesday, bitcoin (BTC) briefly exceeded $100,000 for the fourth time, with trader sentiment shifting to greed from fear as the price hovered between $90,000 and six-figure levels.
The largest cryptocurrency may take several attempts to push to $100,000, as before Research at CoinDesk showed up
Since touching an all-time high of around $108,000 on December 17, bitcoin has posted a series of lower highs, as it did during the seven-month consolidation of 2024.
However, the $90,000 price level remains firm. This provided critical support, and bitcoin has remained above it since Nov. 18, except for a brief dip below on January 13. The catalyst for a break in either direction could be the inauguration of President-elect Donald Trump on January 20.
Monitoring leverage is also a key component in determining market euphoria or greed. This can be observed through futures open interest (OI).
Open interest refers to the total number of outstanding bitcoin futures contracts in the market. Data from Coinglass shows that OI is at its lowest level since early November, when Donald Trump won the US election.
As the chart shows, open interest is down to 621,000 BTC ($61.6 billion) from 700,000 BTC on December 19. That means recent price action is less leveraged and more spot-driven.
For a fair analysis, it is important to compare open interest denominated in bitcoin, since the unit remains the same, instead of using a nominal value, which changes depending on the price of bitcoin.
