Bitcoin price has continued to explode higher as the US dollar fell further, at times approaching $ 16,000. Not long ago, Bitcoin was trading for $ 15,970 on the top spot exchanges. At press time, BTC is priced at $ 15,581, up almost 10% over the past 24 hours, recording a gain of more than 15% over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price appreciation leads to some interesting trends in the Bitcoin market
The first is the price difference between the futures market and the spot market. The futures market is currently lagging behind the spot market, although some spot markets lag behind other spot markets. The last time the market was in such volatility was at its 2019 high, or possibly even earlier.
This change could be a byproduct of OKEx’s withdrawal, which has forced the platform’s investors to participate in currencies like stablecoins or Wrapped Bitcoin.
Bitcoin’s rally shocked investors around the world. Many investors participating in this rally are actually very short, as evidenced by the negative funding rates seen earlier this week and at the end of the week.
As a result of the sharp increase even higher, tens of millions of long positions were liquidated just the past day. Some have shortened the rally in hopes of finding a parabolic peak, although not as the coin continues to rise.
However, the signs of a preliminary vertex began to clear up. First, the Fear and Greed Index for Bitcoin reached a multi-year high, suggesting that profits could be reaped soon.
The total number of unique Bitcoin addresses interacting with the network reached 1.17 million yesterday
According to analyst firm Santiment, the total number of unique Bitcoin addresses interacting with the network reached 1.17 million yesterday. This is the highest level the index has had since January 2018, right after Bitcoin fell from a high of $ 20,000.
The amount of unique #Bitcoin addresses interacting on the network hit 1.17M yesterday, the highest mark since Jan 10, 2018. Additionally, the price cross above $15,200 today was $BTC‘s highest market value since Jan 7, 2018. Watch this metric closely https://t.co/uRG6MguCMe pic.twitter.com/txFUWDDmW7
— Santiment (@santimentfeed) November 5, 2020
This latest bull run comes after a long consolidation in the zone above $ 13,000. The next major resistance level analysts are watching is at around $ 15,700 and a break above this could open the door for it to see a rally to an all-time high. One trend that can significantly boost Bitcoin in the short term is the large number of unique addresses interacting with the network.
You can see the Bitcoin price here.
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The post Bitcoin price rallied over 10% and even traded close to $16,000 but now is currently correcting lower appeared first on AZCoin News.
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