BTC breaks 70,000, Ethereum climbs to $2600, but the record high open interest of BTC suggests a reversal is imminent?

BTC reached a high of $70,332 in the early morning, setting a three-month high, while Ethereum approached $2,600. However, the total amount of unclosed BTC futures contracts on the entire network is about $40.9 billion, reaching a new historical high, reminding readers to be cautious. (Previous summary: Review of history: Is BTC repeating the previous Bull Market cycle?) (Background information: BTC whale holdings reach a new high! Standard Chartered: BTC will rise to $73,000 on Election Day) BTC reached a high of $70,332 in the early morning, breaking the downward trend line since March and making investors excited again, hoping that BTC will challenge the historical high of $73,679 set in March. However, I would like to remind readers that according to Coinglass data, the total amount of unclosed BTC futures contracts on the entire network is 586,000 BTC (about $40.9 billion), reaching a new historical high. When the amount of unclosed positions rises, it often indicates a potential peak for the coin price, so investors should be cautious about possible fluctuations. The entire network has been liquidated with a total amount of $172 million in the past 24 hours. According to Coinglass data, in the past 24 hours, the total amount of liquidated assets in the cryptocurrency market was about $172 million, with over 67,000 people being liquidated. However, the overall amount of liquidations during the weekend is not too large, so it is expected that the volatility may further increase. As for Ethereum, it also approached $2,600 along with BTC. However, in the long run, it has only reached a one-week high and is relatively weaker compared to BTC. The top ten tokens have rebounded across the board. According to CoinMarketCap data, most of the top ten tokens have risen in the past 24 hours, with DOGE being the strongest, up 17.12%. Other tokens, except for TRX, have mostly risen by 1-2%. Market Focus this week: 10/29 (Tue) US: October Conference Board Consumer Confidence, previous value of 98.7 US: September JOLTS Job Openings, previous value of 8.040M 10/30 (Wed) Germany: Q3 GDP (quarterly), previous value of -0.1% Switzerland: Central Bank press conference UK: Autumn Budget US: October Nonfarm Payrolls Change, previous value of 143K US: Q3 GDP (quarterly), previous value of 3.0% Germany: October Consumer Price Index (monthly), previous value of 0.0% US: Crude Oil Inventories, previous value of 5.474M 10/31 (Thu) China: October Manufacturing PMI, previous value of 49.8 Japan: Interest Rate Decision, previous value of 0.25% Hong Kong: Q3 GDP (quarterly), previous value of 0.4% Hong Kong: Q3 GDP (yearly), previous value of 3.3% Eurozone: October Consumer Price Index (yearly), previous value of 1.7% US: September Core PCE Price Index (yearly), previous value of 2.7% US: September Core PCE Price Index (monthly), previous value of 0.1% US: Initial Jobless Claims 11/1 (Fri) US: October Average Hourly Earnings (monthly), previous value of 0.4% US: October Nonfarm Payrolls, previous value of 254K US: October Unemployment Rate, previous value of 4.1% US: October ISM Manufacturing PMI, previous value of 47.2 US: October Manufacturing PMI, previous value of 47.8 Related reports: Standard Chartered Bank: BTC may reach $125,000 by the end of the year if Republicans control Congress Microsoft shareholders meeting to vote on "BTC investment proposal": suggests investing 1% of total assets in BTC Why is BTC ETF Options approval a major victory for the market? This article was originally published on BlockTempo, the most influential blockchain news media in the dynamic zone.