Well now, gather ’round, folks! Bitcoin, that rascal, has waltzed its way into a new all-time high of $111,861 on what they call ‘Bitcoin Pizza Day’—a day that’ll be etched in the annals of history, or at least in the wallets of a few lucky souls. Now, despite this grand ascent, the price seems to be doing a little jig of its own, hinting at a bearish action that’s more like a gentle breeze than a storm. Investors, bless their optimistic hearts, are all aflutter about what’s to come! Some fractals, those mysterious little things, are whispering that the BTC bull run has only just begun, and it’s likely to keep climbing like a cat up a tree. 🐱👤
Now, let’s talk turkey! The current rise in Bitcoin’s price is backed by a whopping 75% increase in trading volume over the last 24 hours, and it’s been strutting its stuff with a 100% rise in just a couple of days. But hold your horses! Even with this bullish momentum, some technical indicators that were supposed to be hotter than a summer’s day are surprisingly cool, suggesting that a major price action is just around the corner, like a train coming down the tracks. 🚂
Bitcoin Funding Rate Remains Low
Ah, the funding rate! It’s like the thermometer of the market, telling us whether things are heating up or just lukewarm. Long bets are on the rise, but they haven’t quite reached the dizzying heights of previous rallies. This tells us that the future market overheating is about as likely as a snowstorm in July. ❄️
Short-term Capital Inflow Plunges
Now, if we take a gander at the short-term capital inflow, we find it’s like a turtle in a race—slow and steady. This little number is calculated by looking at the BTC traded within a week to a month. It’s a fine indicator of market overheating, showing us the active supply that’s been moved recently. Even though Bitcoin is hitting new highs, the short-term capital inflow is about as rapid as molasses in January. 🍯
Whales & Investors Refrain from Profit-Taking
Now, here’s a curious thing! When the price surges, you’d expect short-term holders to be cashing in their chips, but it seems they’re holding onto their cards this time. In March 2024, profit-taking was as rampant as a raccoon in a garbage can, leading to a prolonged correction. But now, with prices soaring to new heights, the profit-taking is as scarce as hen’s teeth, suggesting that whales and retail investors are biding their time, waiting for a massive price action that’s just over the horizon. 🐋
On a brighter note, the Bitcoin holdings in spot ETFs have reached an all-time high, like a cat on a hot tin roof! The increased holdings by both retail and institutional investors are giving a hearty boost to the overall market uptrend. This suggests that the Bitcoin market is still in a healthy upward phase, with plenty of potential to keep climbing and marking fresh highs in the days to come. So, hold onto your hats, folks! 🎩
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2025-05-22 17:22