Contradiction between the soaring price of Bitcoin and the decreasing trend of holdingsThe recent price increase of Bitcoin contradicts market expectations, and there has been a decrease in open positions in different forecasts.Despite a stunning decline in the total position (OI) of the Perpetual Exchange, the value of Bitcoin (BTC) has surged by 10%, which is impressive
Contradiction between the soaring price of Bitcoin and the decreasing trend of holdings
The recent price increase of Bitcoin contradicts market expectations, and there has been a decrease in open positions in different forecasts.
Despite a stunning decline in the total position (OI) of the Perpetual Exchange, the value of Bitcoin (BTC) has surged by 10%, which is impressive. The current trend in the cryptocurrency market is sparking discussions among investors and analysts, challenging traditional market wisdom.
The rise in Bitcoin prices masks market skepticism
Historically, the rise in Bitcoin prices has often been accompanied by an increase in open positions on perpetual exchanges, as traders and investors typically sign futures contracts to speculate or hedge against future price fluctuations. However, the current situation violates this pattern. The total OI is lower than the level when Bitcoin was traded at $25000, and also lower than the previous level when Bitcoin's value was at the current price point.
This abnormal market behavior has left many investors confused. Despite a significant increase in prices, lower open positions in contracts indicate a lack of new funds entering the futures market, which may indicate caution or bearish sentiment among traders.
Contrary to the current market optimism reflected by Bitcoin prices, some market participants continue to express skepticism. Some analysts still generally predict that Bitcoin will fall back to $20000, $25000, or even below $30000. These predictions stem from concerns about regulatory developments, macroeconomic factors, and inherent volatility in the cryptocurrency market.
As of the release of this report, Bitcoin (BTC) has shown a bearish trend, falling 0.68% and trading at $36840.02. Interestingly, its trading volume increased significantly by 13.51% to $14527539729. The surge in trading volume indicates that the current bullish sentiment in the market may continue in the coming hours. In addition, bulls have successfully set their support level at $36680.17 and resistance level at $37405.12.
Bitcoin Technical Indicators
The 24-hour price chart of Bitcoin (BTC) shows bullish sentiment, as evidenced by the relative strength index (RSI) moving above the signal line. This trend indicates that the bullish trend may continue in the coming hours. Currently, the RSI is 79.83, reinforcing this optimistic outlook.
However, the moving average convergence divergence (MACD) indicates that there may be a bearish trend in the coming hours as the MACD line is moving below its signal line. The trajectory bar chart also shows a bearish trend, which has formed on the south side, further indicating that there may be a downward trend in the near future.
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