ChainCatcher News: Bitcoin surged to around $71,000 during the U.S. trading session on Wednesday before pulling back. On Thursday during Asian hours, it was around $68,600, failing to hold above a key round number. Since the end of February, BTC has mostly traded within a range, having dipped to $62,500 earlier this month and reaching a high of $71,100 on February 15.
Market analysts note that in January, Bitcoin briefly broke above a similar trading range but then quickly fell from $98,000 to $60,000. During this downward cycle, it formed lower highs, causing some traders to remain cautious about the sustainability of recent breakouts. Derivatives data shows that open interest (OI) in crypto futures has increased by over 6.6%, approaching $100 billion, outpacing overall market cap growth and indicating new capital inflows.
In the options market, Deribit data shows that Bitcoin’s rebound has increased demand for call options with strike prices between $85,000 and $90,000. However, the overall options structure remains skewed toward downside protection, with $60,000 put options being the most popular, with open interest exceeding $1.4 billion, suggesting market participants still harbor some downside risk concerns.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitwise CIO: The altcoin season is over, and the future will enter a "non-traditional" cycle
Bitwise Chief Investment Officer Matt Hougan believes that the future of altcoin seasons will no longer be common, and only assets with real applications and growth momentum will profit. He pointed out that the market will become more differentiated, with investor attention focusing on Bitcoin, and mentions of altcoins dropping to a two-year low.
GateNews30m ago
Data: The number of non-zero Bitcoin wallets reaches a new high, and the exchange BTC supply drops to the lowest level since 2017.
PANews March 6 News, according to Cointelegraph, Santiment data shows that the number of non-zero Bitcoin wallets has reached a record high, while the Bitcoin supply on exchanges has dropped to the lowest level since December 2017. This trend indicates that Bitcoin adoption is increasing, with more investors choosing to store assets in offline wallets.
GateNews37m ago
The whale "pension-usdt.eth" short position of 1000 BTC narrows its unrealized loss to $2.2 million
ChainCatcher Message: According to HyperInsight monitoring, the large whale "pension-usdt.eth" is currently shorting 1,000 BTC with 3x leverage, with an average entry price of $68,182.7, and a current unrealized loss of $2.2 million.
GateNews38m ago
Analyst says Bitcoin is still in a deep bear market zone, with BTC quickly retreating after rebounding to $74,000.
Bitcoin recently experienced a brief rebound to $74,000, but analysts believe this is only a temporary correction within the bear market. Market indicators still show that it remains in a deep bear market, and although some on-chain data suggest capital is flowing back, market momentum is unstable and may remain volatile in the short term.
GateNews40m ago
