Bitcoin has surged past the $65,000 resistance level, fueled by a surge in bullish sentiment and increased investor accumulation. Key metrics like the Funding Rate and Open Interest have reached multi-year highs, signaling potential for further price gains.
BTC investors were accumulating the coin, hinting at a possible upcoming price rise. Bitcoin has again managed to cross the $65k resistance level after plummeting under that a few days ago. This recent price uptick must have stirred up bullish sentiment in the market. The better news was that a key metric reached a multi-month high, further suggesting a massive rise in positive sentiment around the king coin.
BTC’s price action has witnessed green over the last few days as its price increased by more than 4% in the last seven days, currently trading at $65,561.08 with a market capitalization of over $1.3 trillion. The king coin’s trading volume also increased while its price surged, which generally acts as a foundation for a bull rally. While all this happened, BTC’s Futures reached new highs. To begin with, BTC’s Funding Rate touched a multi-year high. When the Funding Rate rises, it means that more money is flowing into a network, which hints at a rise in bullish sentiment.As per the tweet, BTC’s Open Interest across all exchanges just hit a new all-time high of $19.75 billion! A spike like this often signals big price moves ahead, with more capital on the line. Therefore, AMBCrypto planned to check the king coin’s on-chain data to find out whether this newfound interest in BTC would result in a continued price hike.As per our analysis of Glassnode’s data, investors’ interest in BTC also reflected in accumulation. We found that BTC’s accumulation trend score increased from 0.2 in late September to 0.6 in October. This is an indicator that reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings.However, not everything was in Bitcoin’s favor. Data revealed that BTC’s net deposit on exchanges was high compared to the last seven-day average, suggesting that selling pressure increased in the last few days.PEPE’s market cap in BTC’s terms Therefore, AMBCrypto assessed BTC’s daily chart to better understand what to expect
BTC Bitcoin Price Accumulation Bullish Sentiment Open Interest Funding Rate
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