Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze

Name	Symbol	Market	Market Cap ($)	Algorithm
Optimism	OPUSD	Crypto	1,828,593,065	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Optimism

OPUSD

Crypto

1,828,593,065

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.150	8.57%	1.90	1.90	1.90

Price Change

Price Change %

Current Price

Bid Price

Offer

0.150

8.57%

1.90

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.94	1.75	1.75	1.75	1.06 - 4.86

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.94

1.75

1.06 - 4.86

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:25:53	366.46	1.90	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:25:53

366.46

1.90

USD

Price x Volume	Volume	Base Symbol	Related Pairs
7,213,152.10	3,934,828.41	OP	OPEUR	OPGBP	OPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

7,213,152.10

3,934,828.41

OPEUR

OPGBP

OPBTC

Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze

27/09/2024 8:13pm

NEWSBTC

With Bitcoin (BTC) hitting a near three-month high of $66,000 on Friday, technical analyst InspoCrypto suggests that the BTC futures market is at a critical juncture, with the potential for further short squeezes and the importance of maintaining support around the $64,000 level. Divergence Despite BTC Uptrend The analyst recently noted in his writing that the latest data shows that the BTC/USDT price chart hit a Friday high of $66,106, reflecting bullish sentiment as the cryptocurrency continues to climb. Over the past 24 hours, Bitcoin has seen a steady price increase, indicating optimism among investors. The True Strength Index (TSI) shows a slight divergence, indicating indecision in the market, but the upward trend remains intact. Related Reading: Solana Price (SOL) Pushes Higher: Surge Shows No Signs of Slowing Trading volume also plays a key role in understanding market dynamics, and current figures show a volume delta of $675.457 million, indicating a higher volume of buy orders than sell orders. This suggests buyers are currently dominating the market, supporting the bullish momentum. Notably, there has been a significant amount of short liquidations, totaling $331.24 million. This indicates that as Bitcoin’s price rises, many short positions are forced to close, further driving the price upward. In contrast, long liquidations remain comparatively low, suggesting that those holding long positions are confident in the market’s direction. InspoCrypto’s heatmap analysis of Hyblock Capital shows a concentration of short liquidation levels around the $63,000 to $64,000 area. This clustering indicates a likely short squeeze that could push prices even higher. However, the analyst shows that long liquidation levels appear more scattered, presenting a lower risk of cascading liquidations on the long side. Analyst Predicts Further Bitcoin Price Surge InspoCrypto further found that open interest (OI) in Bitcoin futures is rising, indicating increased interest in the market and a potential buildup for significant price movements. The heatmap shows strong concentrations of open interest around the $64,000 to $65,000 range, suggesting that any price movement beyond these levels could trigger volatility as traders adjust their positions. The funding ratio currently stands at 763.8, indicating that the longs are paying off the shorts, adding to the bullish sentiment in the market. However, the analyst warns that a high funding ratio also signals a risk of long liquidation if the market unexpectedly shifts. Related Reading: XRP Struggles Below $0.60 – Metrics Reveal Growing Selling Pressure Looking ahead, InspoCrypto anticipates that the next 24 hours could see continued upward momentum as shorts are squeezed. However, the elevated funding rates could lead to long liquidations if the market is downturned. By the end of the week, InspoCrypto believes that if the current buying pressure continues, the Bitcoin price could reach prices around $68,000, inching closer to its all-time high of $73,700 in March this year. At the time of writing, BTC has seen a slight retracement to its current trading price of $65,800. Featured image from DALL-E, chart from TradingView.com

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