BTC (Bitcoin) rose 1.80% in 24 hours

Gate News Bot news, on October 20, according to CoinMarketCap, as of the time of writing, BTC (Bitcoin) is currently priced at $108,800, with a 24-hour pump of 1.80%, reaching a high of $116,000 and a low of $104,700. The 24-hour volume reached $51.006 billion. The current market capitalization is approximately $2.17 trillion, an increase of $38.429 billion compared to yesterday.

Important news about BTC recently:

1️⃣ Bitcoin price fluctuates dramatically, large long positions are experiencing floating losses A large investor has established a total long position of approximately $231 million in BTC and ETH, with the BTC long position utilizing 15x leverage and an opening price of $108,172.3. However, due to recent market fluctuations, this position currently shows an unrealized loss of about $4.42 million. This reflects the significant uncertainty still present in the current market, with high leverage operations posing notable risks.

2️⃣ The US government holds a large amount of BTC, becoming the second largest holding entity The U.S. government currently holds approximately 325,447 BTC, valued at about $3.478 billion, accounting for 3.5% of its gold reserves. This amount is second only to Strategy company, making the U.S. government the second largest holder of BTC in the world. The government's possession of such a large amount of BTC may have significant implications for future regulatory policies and market direction.

3️⃣ Bitcoin futures open interest significantly decreased The total open interest of Bitcoin futures contracts across the network has decreased to 640,840 BTC, approximately 68.47 billion USD, down 27.2% from the historical high. This phenomenon indicates that traders lack confidence in the current market direction, opting to wait and see or reduce leverage positions. The reduction in open interest may lead to decreased market volatility in the short term.

In addition, the technical analysis shows that the fair price of BTC is currently around $97,000. In the past three cycles, this price level has usually served as the dividing line between bull and bear markets. Currently, the BTC price is still above this level, but if it falls below, it may trigger a larger correction.

This message is not intended as investment advice; investors should be aware of market volatility risks.