Bitcoin News Today: Will Bitcoin's Surge to $113k and Ethereum's Rise to $4k Withstand Market Fluctuations and Short-Seller Strategies?
- Bitcoin surges past $113,000 and Ethereum breaks $4,000 amid easing ETF outflows and strategic short-covering by large players. - A high-profile short-covering event by a wallet linked to former BitForex CEO Garrett Jin highlights institutional influence on crypto volatility. - Ethereum’s rise is supported by the Pectra upgrade and expectations of a Fed rate cut, though ETF outflows remain a concern. - Bitcoin ETFs saw $210M inflows, reversing prior outflows, signaling potential altcoin rotation before y
Bitcoin Climbs Above $113,000,
Both Bitcoin and Ethereum have demonstrated renewed momentum in recent trading, with
According to Timothy Misir from BRN, Bitcoin's latest price movement is entering a "proof-of-conviction" stage as it challenges important resistance points. Despite a 3% drop over the last month, BTC has traded within a range of $107,200 to $109,500, while open interest in options has reached all-time highs, as reported by
A significant event in the Bitcoin market involved a major short-covering move. A wallet reportedly associated with former BitForex CEO Garrett Jin—who denies any ties to the Trump family—closed a $227 million short on Hyperliquid, locking in $6.4 million in profits just before a 2% BTC rally, according to
Ethereum's move back above $4,000 has been driven by a broader appetite for risk and technical improvements to the network. The Pectra upgrade, which improved scalability and lowered transaction costs, has boosted on-chain activity, with daily gas usage steadying above 120 billion units, according to
Attention now shifts to upcoming macroeconomic releases, especially Friday's CPI data, which could reinforce the soft-landing narrative and impact Bitcoin's direction, as highlighted by The Block. A reading near 0.2% would likely favor further BTC gains, while a higher figure could prompt risk-off moves. For Ethereum, holding above $4,000 is crucial for maintaining its broader upward trend, with technical signals pointing to a possible rise toward $4,800–$5,000 if the 200-day EMA remains intact.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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