BTC Price Pulls Back, PENGU Open Interest Surges
Bitcoin pulled back from overnight highs above $116,000 to under $115,000 as the Dollar Index (DXY) remains steady despite expectations of an imminent Fed rate cut.
Analysts remained optimistic saying they expect new lifetime highs in BTC and outsized gains in select few tokens, such as HYPE, SOL and ENA.
Focus has already shifted to smaller names. Tokens such as MYX, HASH, PENGU, PUMP and MNT have carved out price gains in excess of 10% this week.
“The CPI + jobs combo created a classic “good news/bad data” trade: inflation prints higher, but weaker labor data preserves the easing narrative, a net positive for crypto in the near term,” Timothy Misir, head of research, BRN said in an email.
Derivatives Positioning
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