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Bitcoin breaks through 120,000 USD, traders follow the 130,000 resistance level and high leverage risks.
[BitPush] A macro researcher released a briefing for the Chinese community, pointing out that the group generally holds a bullish attitude towards the market. Bitcoin broke through $120,000 and continued to rise to $123,000. Traders believe that if it rises again this week, it will signal collective capitulation of short positions. Most traders are focusing on $130,000 as the next important resistance level, but there is disagreement on chasing rising prices at this level, with some believing the risks are too high to chase the price. The delivery mechanism of options contracts has sparked in-depth discussion, particularly explaining how to achieve real delivery through perpetual futures after selling call options that are in-the-money, as well as the risk differences with settlement delivery. The spot-futures arbitrage strategy has become a hot topic, with the current delivery contracts showing an 8% contango. By buying Spot while shorting delivery contracts, one can achieve a risk-free annualized return. The market is experiencing a strong push with high leverage; when Ethereum rises by 1%, the open interest increases by $1 billion, with leverage levels exceeding the peak of the 2021 bull run.