Bitcoin Approaches Key Correction Zone Before Next Bull Run

The price of Bitcoin increased to $118,000 and closed the CME gap near $115,000. In a single day, $210.9 million worth of positions were liquidated, and the FGI index stands at 72, indicating greed. The total open interest is $85.52 billion. Analyst Kingpin Crypto suggests a potential correction zone between $115,700 and $114,400 before the next upward move. Ethereum's open interest on CME futures hit a record high, and Santiment reports locally overheated bullish sentiment. Daily outflows from centralized exchanges include $7.08 million from PEPE, $1.41 million from MKR, $1.09 million from TRU, $0.87 million from SHIB, among others. Bit Digital plans to raise up to $1 billion to purchase ETH. In rumors and community news, Libra creator Hayden Davis testified that the token has no business plan and is just a meme coin, conflicting with Argentine President Javier Milei’s statement about its economic role. Coinbase teases a joint release with @brian_armstrong and @ShawnRyan762; details are under wraps. On macroeconomics and policy, New Zealand has banned all crypto ATMs to combat money laundering and drug trafficking. PayPal and Venmo users can donate to pay off US national debt through the Gifts to Reduce the Public Debt program, which has collected $67 million against a total debt of $36.7 trillion. Influential figures in crypto impact include Elon Musk, US President Donald Trump, and Salvadoran President Nayib Bukele. Market metrics show a capitalization of $3.95 trillion, DeFi TVL at $140.66 billion, and a 24-hour trading volume of $156.83 billion.