Bitcoin’s (BTC) price soared past the $36,500 mark, reaching almost $37,000 in a rapid price surge that caught many traders and investors off guard. This unexpected move, known as a “short squeeze,” fueled renewed optimism among BTC enthusiasts.
Leading up to this price surge, there had been significant anticipation surrounding Bitcoin’s potential to break through a crucial resistance point at $34,800. However, few had predicted such a dramatic upward trajectory.
The sudden price jump was triggered by a surge in open interest, a measure of the total number of outstanding futures contracts. This spike in interest indicated increased speculation and trading activity, which in turn fueled the rapid price increase.
While some analysts, like Material Indicators, had expressed doubt about Bitcoin reaching $36,000 before the end of the weekly trading session, the price defied expectations and continued its upward climb.
Trader Daan Crypto Trades observed contrasting market sentiments between Bybit and Binance, with Bybit traders exhibiting greater optimism than their Binance counterparts. This difference in sentiment could lead to varied trading outcomes in the coming days.
Overall market analysis suggests that the full impact of the recent price changes on Bitcoin futures has yet to be realized.