Amid Market FOMO, These Indicators Are Worth Watching
TechFlow Selected TechFlow Selected
Amid Market FOMO, These Indicators Are Worth Watching
Due to expectations of a Republican-controlled Congress bringing a lighter regulatory environment, market FOMO has surged, and analysts broadly believe that cryptocurrencies will remain bullish in the short term.
Navigating Web3 tides with focused insightsArticle by: BitpushNews
On November 12, Bitcoin surged past $90,000, setting yet another new all-time high.
According to TradingView data, at 12:56 PM Pacific Time on November 12, Bitcoin rose above $90,000 on Coinbase, marking an 11% gain over the past day and bringing it within striking distance of the six-figure threshold.
Notably, Bitcoin often trades at a premium on Coinbase compared to other platforms—a phenomenon known as "premium trading." This means that even when Bitcoin prices are already high across the broader market, a significant number of buyers are still willing to pay higher prices on Coinbase, further indicating strong market demand for Bitcoin.
At the time of writing, Bitcoin’s price had pulled back to $88,223, with a 24-hour gain of 0.4%.
Altcoins showed mixed performance. Among the top 200 altcoins, Bonk (BONK) led gains with a 27.7% rise, followed by AIOZ Network (AIOZ) up 23.2%, and Akash Network up 18.8%. EigenLayer (EIGEN) saw the largest drop, falling 12.8%, followed by DOGS (DOGS) and Artificial Super Alliance (FET), down 11.6% and 11.5% respectively.
The total cryptocurrency market capitalization currently stands at $2.98 trillion, with Bitcoin holding a 59.5% market share.
Data from CoinGlass shows that extreme price volatility triggered nearly $940 million in liquidations across the crypto market in the past 24 hours—the highest single-day liquidation amount since August 5.
In U.S. equities, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all closed lower, declining 0.29%, 0.86%, and 0.09% respectively at market close.
Analysts: Watch These Key Indicators
Fueled by expectations of lighter regulation under Republican control of Congress, FOMO sentiment has gripped the market, leading most analysts to believe that cryptocurrencies will remain bullish in the short term.
However, Shubh Varma, co-founder and CEO of Hyblock Capital, pointed out: "One notable metric is the True Retail Long percentage, which is unusually low at only 40%, sitting at the 20th percentile over the past 90 days. Meanwhile, open interest (OI) is at the 99th percentile. This dynamic echoes the situation on November 7, when the True Retail Long percentage was even lower—down to the 12th percentile—while OI remained elevated. Historically, when OI is high and retail long positions are low, this tends to lead to short squeezes and sharp upward price movements."
In addition, leverage data from derivatives markets shows that top traders continue to favor long positions, with the average leverage difference between longs and shorts once again exceeding +10—a strong bullish signal.
Analysts note that such leverage patterns typically emerge after price declines, but this time it follows a substantial price rally. If long-side leverage continues to grow following Bitcoin's recent surge, this divergence could signal sustained bullish momentum.
Varma suggests using pullbacks as buying opportunities, noting that given the strength of this rebound, dips may offer favorable entry points. However, he cautions traders to closely monitor indicators like retail long positioning and leverage imbalances, which can help assess market risk and potential turning points. Other factors such as fundamentals and policy developments should also be considered in tandem.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
比推 BitpushNews
