Bitcoin Surpasses $50,000 Mark as Bullish Sentiment Grows
Bitcoin (BTC) has reached a significant milestone by surpassing the $50,000 mark for the first time since December 2021. This surge in price has also resulted in a broader crypto market rally. At the time of writing, Bitcoin is up by 3.9% in the past 24 hours and is trading at $50,050. Its market cap is approaching $1 trillion, currently standing at $982 billion.
The daily trading volume of BTC has also experienced a substantial increase of 105%, reaching $39 billion.
Global Crypto Market Cap Rises with Bitcoin’s Price Rally
Following Bitcoin’s surge, the global crypto market cap has increased by 4.2%, reaching approximately $1.96 trillion according to CoinGecko. Bitcoin’s dominance in the market has slightly declined from 52% to 50% over the past day.
Whale Transactions and Volatility
Data from Santiment reveals that the number of whale transactions involving at least $100,000 worth of BTC has risen from 7,510 to 12,206 unique daily transactions in the past 24 hours. Such an increase in whale activity often indicates higher volatility in the market.
Bitcoin’s Relative Strength Index (RSI) and Bullish Zone
Bitcoin’s RSI is currently around 84, suggesting a potential rejection and a decline below the $50,000 mark. To maintain a bullish trend, Bitcoin’s RSI would need to cool down below the 65 mark at least.
Open Interest and Funding Rate
The total open interest (OI) for Bitcoin has surged from $9.3 billion to $9.8 billion within the past 24 hours. Additionally, the total funding rate aggregated by BTC is currently at 0.01%, indicating that long-position holders have a slight advantage over short traders until further price movements occur.
Positive Sentiment Despite Pessimistic Conversations
While Bitcoin experiences this bullish momentum, social media conversations show that approximately 53% of sentiment is positive toward Bitcoin, while nearly 40% remain pessimistic.
Sources: Twitter
Tweets: Tweets
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