Bitcoin Surges Past $109,000 Amid Record Global Money Supply
- Bitcoin price increased by 3.6%, reaching $109,730 for the first time since June.
- Global money supply (M2) hit a new all-time high exceeding $55 trillion.
- Open interest in Bitcoin futures rose by over $3.2 billion, marking a more than 10% increase.
- A short squeeze led to the liquidation of over $196 million in short positions.
- The Coinbase Premium Index indicated strong spot buying pressure from US investors.
The recent surge in Bitcoin‘s price coincides with an unprecedented rise in global money supply, suggesting increased investor confidence and market momentum. The stable funding rates indicate that the rally was not fueled by excessive leverage, pointing towards a sustainable uptrend.
With Bitcoin breaking out of its sideways range and technical indicators signaling further gains, analysts are optimistic about potential new highs beyond current levels. (Source)
