Bitcoin Gains Bullish Momentum with Key Indicator
Bitcoin (BTC) has experienced a surge in bullish momentum, bouncing back from a local low of around $40,500 on Dec. 18. At the time of writing, BTC is up by 4.3% in the past 24 hours and is trading at $42,930. The cryptocurrency’s market cap currently exceeds $840 billion, with a daily trading volume of $26 billion.
Bullish Indicator: Bitcoin’s Relative Strength Index (RSI)
Data from the market intelligence platform Santiment reveals that Bitcoin’s Relative Strength Index (RSI) has turned bullish and is hovering around the 50 mark. To break through the $45,000 zone, BTC’s RSI must remain below 65.
Surge in Whale Activity
As Bitcoin gains momentum, whale activity has dramatically increased. Santiment reports a 114% surge in whale transactions worth at least $100,000 worth of BTC over the past 24 hours, jumping from 6,153 to 13,153 unique transactions in a day.
Bitcoin’s Total Open Interest (OI) and Binance Funding Rate
Bitcoin’s total open interest (OI) has seen a slight increase, rising from $7.07 billion to $7.31 billion according to Santiment. The Binance funding rate for BTC suggests a slight dominance of long-position holders at 0.015%. However, the exact amounts of long and short positions remain unclear.
Potential Bitcoin Dump and ETF Approvals
A crypto analyst known as Crypto Banter on YouTube suggests that a larger Bitcoin dump may be on the horizon due to unsustainable market conditions, high leverage rates, memecoin hype, and airdrops. However, the potential approval of Bitcoin ETFs in the U.S. could signal a bullish sign for the industry as trillion-dollar companies are expected to enter the market.
Hot Take: Bitcoin’s Bullish Momentum Holds Promise
Bitcoin’s recent bullish momentum, supported by key indicators such as the RSI and whale activity, indicates a positive outlook for the cryptocurrency. While concerns about a potential market dump persist, the anticipation of Bitcoin ETF approvals in the U.S. brings hope for further growth and adoption within the industry. As Bitcoin continues to make strides, it remains an asset worth watching for both traders and investors.
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