Bitcoin price today: $67,000
- Bitcoin bounces off the $66,000 level, with a possible recovery on the cards.
- Glassnode weekly report highlights an increasing presence of institutional investors in the digital asset space.
- BTC Futures Open Interest recorded a new ATH of $32.9 billion, indicating an influx of capital.
Bitcoin (BTC) bounced back to trade slightly above $67,000 on Thursday after three consecutive days of decline since Monday. Reports indicate a growing presence of institutional investors in the digital asset space, as evidenced by the new all-time high in Futures Open Interest, which suggests optimism for Bitcoin’s price outlook.
Bitcoin short-term holders keep betting on BTC
Glassnode weekly report highlights the unrealized profits of the short-term holder cohort, a metric that serves as a key indicator of the sentiment among recent buyers in the market.
The spot price trades above the average acquisition price of all short-term holders sub-age groups, as shown in the graph below. This means almost all recent buyers hold an unrealized profit, highlighting the relief that the recent rally has provided to investors.
Bitcoin Realized Price Breakdown for STHs chart. Source: Glassnode
The report also explains that Open Interest (OI) across both perpetual and fixed-term futures contracts has recorded a new all-time high (ATH) of $32.9 billion this week, suggesting a marked increase in aggregate leverage entering the system.
BTC Futures Open Interest chart. Source: Glassnode
“The dominance of the CME Group exchange highlights an increasing presence of institutional investors in the digital asset space, which strongly indicates that a cash-and-carry strategy is in play,” the report says.
BTC CME chart. Source: Glassnode
Bitcoin Price Forecast: Small bounce
Bitcoin price declined for a third consecutive day on Wednesday, falling below $66,000 and reaching a daily low of $65,260 after encountering resistance near the key psychological level of $70,000 on Monday. However, it rebounded after retesting its support level of $66,000 and is trading slightly above $67,000 on Thursday.
If the $66,000 level holds as support, it could rally to reclaim its Monday high of $69,519.
The Relative Strength Index (RSI) indicator on the daily chart reads 58 and points downwards after rejecting the overbought level of 70, indicating weakness in bullish momentum. If it continues to decline and closes below its neutral level of 50, it could lead to a sharp decline in Bitcoin’s price.
BTC/USDT daily chart
Conversely, if BTC breaks and closes below $66,000 support, it could decline 5.8% to retest its next support at $62,055, its 61.8% Fibonacci retracement level (drawn from July’s high of $70,079 to August’s low of $49,072).
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP funding rates flashes negative, eyes $2.17 following 4% decline
Ripple's XRP declined 4% on Friday following a decline in its funding rates. The remittance-based token could decline to test the $2.17 support level if the crypto market decline extends.
Pro-crypto Senator Lummis likely to chair potential crypto subcommittee
In a post on Thursday, Fox Business reporter Eleanor Terret unveiled the Senate Banking Committee's latest plan to kick off a new subcommittee committed to crypto, likely to be headed by Bitcoin strategic reserve advocate Senator Cynthia Lummis.
Lack of Bitcoin allocation could be risky for nations in 2025: Fidelity
Fidelity Digital Assets' Look Ahead report for the crypto market in 2025 highlights key trends expected for the year, including increased Bitcoin adoption by governments worldwide, broader use cases for stablecoins and more app blockchain launches.
Crypto Today: BTC traders hold $90K support as SUI, LTC, TIA see green
The cryptocurrency market’s losing streak entered its third day; aggregate market cap declined 10.9% to hit $3.1 trillion. Bitcoin price stabilized around the $91,800 area as bulls moved to avoid further downside.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.