"BTC has been going up crazy for the past few days, where is the price going to go?"
After hovering below $44,000 for a long time, the cryptocurrency king Bitcoin (BTC) shocked the entire digital asset sector when its price finally broke through $50,000 on February 12 yesterday.
This is because large inflows into spot BTC ETFs are on the rise, with the crypto market seeing over $1.1 billion in new funds and this reflects the trend of institutional traders increasingly interested in BTC.
The options market also influenced the sentiment of the BTC price increase as investors actively placed positions for higher prices plus there was significant activity around $50,000 to $75,000 for the next few months.
While the futures market has shown the momentum of the BTC price increase followed by an increase in open interest including positive premium shifts, so here it can be seen that the highest level of open interest since December 2021 shows strong crypto market participation.
Not only that, influential entities over the past three weeks have purchased a staggering 140,000 BTC worth $6.16 billion, sparking excitement and skepticism among crypto market participants.
However, the crypto market remains wary of potential volatility and corrections following the recent increase in selling volume and the initiation of short positions at $50,000 indicating that some traders expect a price adjustment to occur.
As of this writing, BTC price has surged by 3.41% to $50,107 in the last 24 hours with a market cap of $983 billion and has recorded a 17.47% climb over the past week.
