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Gate Square New & Returning Creator Rewards are ongoing!
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Bitcoin climbs to two-month high of $96,240 as altcoins surge and shorts get squeezed
Source: CryptoNewsNet Original Title: Bitcoin climbs to two-month high of $96,240 as altcoins surge and shorts get squeezed Original Link: https://cryptonews.net/news/bitcoin/32272634/ Bitcoin briefly rose to a two-month high of $96,240 on Tuesday, while traders piled into the altcoins.
More than $500 million worth of futures positions were liquidated over the past four hours as bitcoin broke the $94,500, a key level that traders are watching, for the first time since November. Bitcoin attempted and failed to break this level three times before on Jan. 5, Dec. 10 and Dec. 3.
Open interest for bitcoin futures stands at $30.6 billion, having tumbled from a high of $31.5 billion over the course of the day. The drop off in open interest indicates aggressive buying on spot markets, while on the derivatives side, traders are covering shorts.
Altcoins lead the way
Privacy coin DASH appeared to have sent a signal before bitcoin’s breakout, rising to its highest point since 2021 on significant volume, which may have inspired confidence among other trading pairs.