BlockBeats News, April 9th, yesterday, boosted by a global stock market rally following a two-week ceasefire agreement between the United States and Iran, Bitcoin surged 6% within four hours. This surge led to the liquidation of $280 million worth of Bitcoin short positions.
Analysis indicates that despite a 2.5% increase in open interest to 593,930 BTC, the derivatives market has limited bullish momentum, with no significant changes in positions. Therefore, there is currently no sign that bears are eager to close their positions. Inflationary pressure has not diminished, with Brent crude oil prices remaining at $95 per barrel, higher than the late-February price of $72 per barrel. More importantly, the two-week ceasefire is far from a lasting solution, and the possibility of Bitcoin price pulling back to $68,000 still exists. (Cointelegraph)
