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The cryptocurrency market has gained momentum recently with the rise in the price of Bitcoin (BTC), the flagship of the markets. Additionally, Ethereum (ETH) is also in the spotlight with several developments that could have a positive impact on the overall market.
Expert Opinion on Bitcoin!
BTC has managed to surpass the $27,000 mark, which it previously failed to sustain. According to CoinMarketCap, BTC has shown an increase of over 4.5% in the past seven days. At the time of writing, BTC is trading at $27,557.89 with a market cap of over $537 billion.
However, the data suggests that things could get even better. Seth, a popular cryptocurrency influencer on X, revealed that Bitcoin closed above its 20-day moving average (20MA) for this month. This uptrend signal could indicate that the price of the leading cryptocurrency could rise further in the coming days.
In addition, a senior cryptocurrency analyst mentioned the relative strength index (RSI) of BTC, which could indicate a potential uptrend if other metrics support its growth. The expert delved deeper into the Bitcoin ecosystem and pointed out several other bullish indicators.
Current Data on BTC
Exchange Netflow has also confirmed that BTC’s net deposits on exchanges are low compared to the seven-day average. Additionally, the movements of long-term investors have been below the average in the past seven days. This indicates that long-term holders have high hopes for BTC and are willing to hold onto their tokens.
Similar to the aforementioned metrics, derivatives market indicators for BTC also showed an upward trend. In particular, CryptoQuant’s data revealed that BTC’s funding rate is currently in the green. This suggests that derivative investors may be buying altcoins at higher prices.
As evident from the buyer buy/sell ratio, there is also buying sensitivity in the derivatives market. Bitcoin’s open interest has seen an increase along with its price. In general, an increase in this metric could indicate the continuation of the ongoing price trend.
