Data shows that the price of Bitcoin has fluctuated relatively smoothly in the past week, with a slight increase of 0.19% in the past 24 hours to $83,142.02, and a cumulative increase of about 3.96% in the past week. Despite the small fluctuations, the trading volume has soared to $27.14 billion, an increase of 93.46% from the previous cycle. The surge in trading volume is likely related to traders re-adjusting their positions over the weekend, because liquidity is usually lower and volatility is higher over the weekend.
The current total market value of Bitcoin has reached $1.64 trillion, up 0.20% from yesterday, but its market dominance has fallen to 61.57%, down 0.29% in the past 24 hours. This decline suggests that the altcoin market may benefit from the recovery of investor interest compared to Bitcoin, and diversified asset allocation in the broader market is also one of the main factors that make the altcoin market gain.
In the derivatives market, the total open interest of Bitcoin futures fell by 1.07% to $48.57 billion, indicating that some leveraged positions began to be gradually closed. According to Coinglass data, the total amount of Bitcoin liquidation in the past 24 hours was about $83.21 million, of which long positions accounted for $40.5 million and short positions accounted for $42.71 million, indicating that the market’s long and short games were relatively balanced and lacked a clear direction.
In addition, the continued participation of institutions has once again become the focus of the market. Recently, MicroStrategy once again announced an increase of 130 Bitcoins, indicating that corporate interest in the asset is still increasing. MicroStrategy, led by Bitcoin advocate Michael Saylor, also plans a debt and equity issuance plan of up to $21 billion to buy more Bitcoin. This move consolidates its position as one of the largest corporate holders of Bitcoin and enhances the market’s bullish sentiment.
As Bitcoin price stabilizes above $83,000 again, analysts are watching its key support level of $80,000 and resistance level of $85,000. While recent activity suggests that the market consolidation will continue for some time, external macroeconomic forces such as interest rate decisions and inflation data may affect its short-term momentum. However, institutional buying and long-term accumulation strategies help maintain confidence in Bitcoin’s future growth.
