BTC price dices with $52K as CME Bitcoin futures OI hits record $6.8B

Bitcoin (BTC) made a comeback in the midst of a volatile trading range leading up to the weekly close on February 18, as bullish investors took advantage of weekend trading opportunities.

Exploring the Web 3.0 Landscape

Curious about the latest advancements in the digital world? Look no further than Web 3.0 – the next generation of the internet. Let’s dive into what exactly Web 3.0 is, its key features, and when it emerged.

So, what exactly is Web 3.0? It refers to a set of technologies and tools that aim to create a more decentralized, secure, and user-friendly online experience. Some examples of Web 3.0 tools include blockchain, artificial intelligence, and the Internet of Things.

One of the main purposes of Web 3.0 is to give users more control over their data and online interactions. This is achieved through features such as decentralized storage and smart contracts, which allow for more secure and transparent transactions.

But when did Web 3.0 start? While there is no exact date, it can be traced back to the early 2010s when blockchain technology started gaining traction. Since then, it has continued to evolve and expand into various industries.

Now, let’s compare Web 3.0 to its predecessor, Web 2.0. While Web 2.0 focused on user-generated content and social media, Web 3.0 takes it a step further by incorporating advanced technologies and prioritizing user privacy and control.

So, is Web 3.0 already here? Some may argue that we are still in the early stages, while others believe that it is already making a significant impact on the digital landscape. Regardless, it is clear that Web 3.0 is a rapidly developing and exciting space to watch.

The Trader’s Perspective on the “Healthy” Bitcoin Rally in the Web 3.0 Landscape

Cointelegraph Markets Pro and TradingView data show that despite a surge in open interest, BTC’s consolidation around $52,000 is a positive sign.

The top cryptocurrency experienced a dip to $50,680 on Bitstamp, its lowest point in several days.

However, a quick rebound of nearly $1,500 was seen in the following hours and the lows have yet to be retested at the time of writing.

Upon analyzing the week’s events, popular trader Skew noted a shift in trader behavior during the latter half of the Wall Street trading week.

He revealed that spot buying had decreased towards the weekend, with mostly taker-driven dips and bounces occurring since then.

He also mentioned that there has been a return of spot buyers, with Binance leading the way.

Meanwhile, the record-breaking open interest of $6.8 billion on CME Group’s Bitcoin futures market, as reported by monitoring resource CoinGlass, suggests that there may be more volatility to come.

However, popular trader Daan Crypto Trades pointed out a divergence when open interest is denominated in BTC.

He believes that the +100% rally since October has been healthy in terms of leverage.

Key levels for BTC’s weekly closing price emerge

According to Skew, it is crucial for bulls to maintain positive momentum in Bitcoin’s relative strength index (RSI) during the 4-hour timeframes leading up to the weekly close.

The 21-period exponential moving average (EMA), currently at $51,500, also holds significance.

Skew also noted that there has been significant selling of spot assets in the $52,000 – $53,000 range, which is common during profit-taking periods.

Another trader and analyst, Matthew Hyland, emphasized the importance of protecting the $49,000 mark before the weekly close.

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