Positive sentiment grows as Bitcoin exceeds $50,000.
Bitcoin (BTC) has broken through the $50,000 milestone for the first time since December 2021 as it makes its way towards an all-time high. This surge in BTC has also had a positive impact on the broader cryptocurrency market.
At the time of writing, Bitcoin is up by 3.9% in the past 24 hours and is currently trading at $50,050. The market capitalization of this flagship cryptocurrency is rapidly approaching the $1 trillion mark and currently stands at $982 billion.
The daily trading volume of BTC has also seen a significant increase of 105%, reaching $39 billion.
As a result of Bitcoin’s price rally, the global cryptocurrency market cap has increased by 4.2% and is currently hovering around $1.96 trillion, according to CoinGecko. It is worth noting that Bitcoin’s dominance has declined from 52% to 50% in the past day.
Data provided by Santiment reveals that the number of whale transactions involving at least $100,000 worth of BTC has increased from 7,510 to 12,206 unique daily transactions in the past 24 hours. This sudden rise in whale activity often indicates a high level of volatility.
Santiment data also shows that Bitcoin’s Relative Strength Index (RSI) is currently hovering around 84. This suggests that the BTC price could soon face rejection and it is highly likely to decline below the $50,000 mark.
In order for Bitcoin to remain in the bullish zone, its RSI would need to cool down to at least below the 65 mark.
According to the market intelligence platform, the total open interest (OI) of Bitcoin has surged from $9.3 billion to $9.8 billion in the past 24 hours. Additionally, the total funding rate aggregated by BTC currently stands at 0.01%, indicating that long-position holders are slightly dominating short traders until further price movements.
Furthermore, a recent report has revealed that spot BTC ETFs have accumulated over $2.8 billion in net assets, despite Grayscale’s significant withdrawals.
Social media conversations about Bitcoin show that 53% have a positive sentiment towards it, while nearly 40% are pessimistic, despite the current bullish momentum.
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