Bitcoin surpasses $56k, traders betting on further rise

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Bitcoin (BTC) has been persistently rising over the previous month and is getting near its all-time $68,800 in November 2021. Now merchants are betting on an additional value rally, in accordance with Santiment.

BTC is up by 9% prior to now 24 hours and is buying and selling at round $56,200 on the time of writing. The flagship asset’s market cap surpassed the $1.1 trillion mark with a market dominance of 51.9%. 

Bitcoin surpasses $56k, traders betting on further rise - 1
BTC value, whale exercise, open curiosity, funding charge and RSI – Feb. 27 | Supply: Santiment

As Bitcoin gained bullish momentum on Feb. 26, Michael Saylor’s MicroStrategy acquired 3,000 more BTC at a median value of $51,813 — price $155 million. 

In line with knowledge offered by Santiment, Bitcoin’s whole open curiosity (OI) surged from $9.55 billion to $10.2 billion — a degree final seen in July 2022. 

Following the worth rally, the quantity of trades betting on an additional value enhance for Bitcoin has additionally surged. Per the market intelligence platform, the full funding charge aggregated by BTC on all exchanges rose from 0.016% to 0.019%. 

The indicator exhibits that the quantity of long-positioned trades has barely elevated.

In line with Santiment, the variety of whale transactions consisting of no less than $100,000 price of BTC elevated from 9,067 to 13,142 distinctive trades over the previous 24 hours. When an asset’s whale exercise surges, normally excessive value volatility could be anticipated. 

As well as, Bitcoin’s Relative Power Index (RSI) hiked from 70 to 73 over the previous day, per Santiment knowledge. 

The indicator means that Bitcoin is perhaps barely overheated on the present value level and a cooldown might be anticipated. For BTC to remain bullish, its RSI would wish to remain beneath the 60 mark. 

Over the previous 12 months, Bitcoin has rallied 140%.

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