Bitcoin experienced significant market volatility recently, marked by a leverage washout and the filling of a CME gap. CryptoQuant data revealed a $1.368 billion reduction in Bitcoin and Ethereum futures open interest, suggesting a decrease in speculative activity. Total crypto liquidations in the past 24 hours reached approximately $949.50 million, with long liquidations accounting for $734.26 million.
On Monday, Bitcoin's CME futures price dropped to around $76,700, filling a gap that had been present since November 5, 2024. However, an unfilled gap remains between $84,200 and $85,900, potentially acting as a price magnet.
The DXY Index, measuring the U.S. dollar's strength, saw one of its sharpest one-week declines since 2013, historically favorable for Bitcoin. Despite this, the DXY remains relatively strong at 103.5. The global cryptocurrency market cap declined by 3.9% in the last 24 hours, standing at $2.75 trillion, according to CoinGecko.