Bitcoin bulls are back!
Riding high on the failed assassination on Donald Trump, the queen of cryptocurrencies has gone over $60,000 for the first time in weeks. In an earlier analysis, Cryptopolitan stated that breaching the $60k level would confirm a proper bullish reversal. And it has!
Bitcoin’s price crossing the 20-day EMA and approaching the 50-day EMA shows strong bullish sentiment. The SAR indicator, set at $60,514.50, is slightly above the current price.
If Bitcoin continues its upward trend and crosses this SAR value, it would signal a strong buy, reinforcing the bullish outlook. The Ichimoku Cloud, with parameters (9, 26, 52, 26), shows a mix of bullish and bearish signals.
The price has recently moved above the cloud, which typically indicates a bullish trend. The conversion line and base line are moving closer, and a crossover here would be what solidifies the bullish reversal.
The MACD shows a value of 348.78, with the MACD line crossing above the signal line, which is currently at -1,597.82. The histogram bars are also positive, supporting the bulls.
The Stochastic RSI, with parameters (3, 3, 14, 14), shows a value of 91.18, with the signal line at 78.12. This high value indicates that Bitcoin is in the overbought territory, suggesting that a short-term pullback might occur.
However, in strong bullish trends, assets can remain overbought for extended periods. Bitcoin’s on-chain signals are also mostly bullish. And the bulls and bears are matching numbers.
86% of Bitcoin holders are currently in profit. Its social volume and dominance have spiked over the past five days. BTC is dominating conversations on social media.
In the derivatives market, traders have switched up their strategies completely. First, the volume of Bitcoin derivatives has seen an increase of 49.98%, reaching $43.08 billion.
The open interest has also risen by 4.57% to $31.12 billion. An increase in open interest typically means there is new money entering the market, thanks to the bullish sentiment.
Despite this, the options open interest has seen a modest increase of 2.18%. This means that while fewer new options contracts are being traded, existing positions are still being held or rolled over.
The long/short ratio over the past 24 hours is slightly above 1 at 1.0178, indicating a slight bias towards long positions. This means that traders are generally optimistic about Bitcoin’s price increasing.
Notably, the Binance BTC/USDT long/short ratio for accounts is higher at 1.2153, and even higher for top trader accounts and positions. Here, we see a more pronounced bullish sentiment among more experienced or higher-volume traders.
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