Bitcoin: When it comes to investment, bitcoin is always in discussion. Once again, this Crypto veteran has crossed the mark of ₹ 98 lakh (about $ 118,254), leaving behind all his old records. It is not just a number, but a new story of investors’ expectations, fear and decisions. A few weeks ago, bitcoin was at the level of ₹ 92 lakh ($ 111,000), and now it has increased by about 10% in the last one week and 5.9% in just 24 hours. Bitcoin is currently trading near ₹ 97.5 lakh ($ 117,584).
Miners and traders confidence increased amid rising prices
When there is such upheaval in the Bitcoin market, the question always arises as to what is the reason for this. This time two special things have come to light in the activities of the miners and increased enthusiasm in the derivatives market. On-chain data are indicating that the minors are sending a large number of their holdings to the exchange, which may directly mean that they are preparing to sell to earn profits.
Arab Chain, an analyst of Cryptoquant, says that for the first time since May 23, there has been such an increase in exchange transfer from the miners. This may be a clear indication that the miners are satisfied at this price and are making profits. Although this activity has not reached the level where the over-the-counter (OTC) sells the selling market, it is very important to keep an eye on its direction.
Derivatives market enthusiastic but also risks
While Bitcoin is moving towards miners profit booking, traders are also seeing a boom. According to another analyst called Enigma Trader, the open interest in Derivatives Market has increased by 24% to $ 41 billion. The trend is between July 1 to July 11, and began exactly when bitcoin crossed the $ 118,000 level.
This increase of Bitcoin Open Interest indicates that investors are now ready to take more risk. Also, the funding rate has also reached 0.012%, the highest positive level of the last one month, which proves that there is increasing confidence in the market on long positions. But the faster this trust increases, the faster it can waver. If the price of bitcoin has come to a stability or decline, it can cause ‘long squat’, causing a strong shock in the price.
Bitcoin is this bounce permanent
The current status of Bitcoin market is giving mixed indication. On the one hand, the increased activity level of the miners shows that some people are preparing to make a profit by selling this lead. On the other hand, the enthusiasm of the traders and the growing interest in the derivatives market shows that some people are watching this rally going up further. In such a situation, it is difficult to decide whether this boom is permanent or just a temporary wave.
Bitcoin’s new heights have once again caught the attention of investors from all over the world. But there are some hidden risks behind every bull run. If you are an investor or thinking of stepping into this market, then you have to understand that it is necessary to take a decision on the basis of data and truth rather than emotions.
Disclaimer: This article is written only for the purpose of giving information. There is no financial advice given in it. Investment in cryptocurrency is subject to risk, please invest only after consulting an expert.
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