Bitcoin Blasts Past $103K: Liquidations Hit $900M in Wild 24-Hour Rollercoaster!

Market on Fire: Shorts Burned, Open Interest Soars

Hold onto your hats, crypto fans! Bitcoin just rocketed above $103,000, sending shockwaves through the market and forcing a brutal wave of exits. In just the last day, over $900 million in positions got liquidated! That's a mind-blowing 200% jump from the day before, according to the latest data. Bitcoin shorts alone took a $321 million hit. But wait, there's more! Open interest shot up 5% to a whopping $133 billion, showing that new leveraged bets are pouring in. And get this—the average crypto RSI hit 70, flashing bright red for overbought conditions!

Rebound Mania: Crypto Market Hits $3.3 Trillion

The liquidation frenzy came hot on the heels of a crazy market rebound. With risk appetite back in full force across global markets, the total crypto market cap soared to $3.3 trillion—its highest since early March. Talk about a comeback!

Altcoins Join the Party: ETH, SOL, and XRP Surge

Bitcoin hit a peak of $103,460 during Friday's Asian trading session, up over 6% in just 24 hours. But it wasn't alone—Ethereum led the altcoin charge, skyrocketing 20% to reclaim $2,200 for the first time in two months. Solana and XRP weren't far behind, gaining 8% and 5% respectively. It's a full-blown crypto fiesta!

Trade Deal Hype Fuels the Rally

What sparked this epic rally? None other than a potential U.S.-U.K. trade deal hinted at by President Trump on May 8. It's got international markets buzzing with hope, even though the Fed kept rates steady on May 6. But here's the kicker—markets are now betting on a 70% chance of a rate cut by July and a 95% chance by October. Buckle up, folks!

On-Chain Confidence Soars: Bitcoin's Realized Cap Hits New High

Bitcoin investors are feeling the love, and it shows in the numbers. The Realized Cap just smashed through to a new all-time high of $890.7 billion, marking its third straight weekly record. CryptoQuant's Carmelo Alemán spilled the beans on X, saying, "This pattern reflects growing confidence among both Long-Term Holders and Short-Term Holders, who are strengthening their positions as the market shows signs of recovery." It's clear as day—short and long-term holders are piling in, riding the wave of sustained accumulation.

Bullish Vibes, But Beware the Hype

Everyone's feeling bullish, but hold your horses. Santiment's warning us that Bitcoin's break above the $100K "psychological level" is pulling in tons of retail attention. But here's the catch—too much hype can often signal a local top. So, while we're all celebrating, let's keep our eyes peeled for any signs of a pullback.

Altcoin Season on the Horizon?

And just when you thought it couldn't get any wilder, Real Vision's CEO Raoul Pal dropped a bombshell. He thinks BTC dominance might have peaked, pointing to DeMark indicators. If he's right, we could be entering what he calls the "Banana Zone"—a time of massive altcoin gains. If this momentum keeps up, crypto markets might be gearing up for their next big leap. Get ready for the ride of your life!