In recent days, Bitcoin has demonstrated considerable volatility, attracting analyst attention. Specialists share their views on its future dynamics.
Current Situation with Bitcoin
Bitcoin dropped to an intraday low of $114,518 but then recovered slightly to trade at $115,692. The decline occurred less than two weeks after reaching an all-time high of $123,236 on July 14. According to Justin Spittler, chief trader of RiskHedge, Bitcoin might face 'a bit more pain' in the short term.
Analysis of Altcoin Market
Despite Bitcoin's decline, alternative cryptocurrencies have shown some resilience during the latest correction. Analyst Chris Burniske argues that there is 'not much fear' in the market, considering the strong performance of altcoins. For instance, the ETH/BTC pair has risen nearly 1%, with Ethereum surpassing the $3,700 level.
Bitcoin Open Interest Reaches Record High
Bitcoin's open interest, which shows total outstanding derivatives contracts, has reached a record high of $44.5 billion. This could indicate that another significant market move may occur, as such spikes in open interest are often followed by high volatility.
Experts continue to monitor the Bitcoin and altcoin markets, observing both short-term fluctuations and long-term trends that may impact the cryptocurrency landscape.
