The cryptocurrency market managed to get rid of its sharp fluctuations in November and settle into the “rise-consolidation-rise” orbit. Bitcoin During this period, the price broke the resistance of $ 40,000, settled at $ 41,000 and targeted $ 45,000. Here are the details of the data that attracts attention in the market.
More than just a technical milestone, this threshold has deeper significance for a significant portion of Bitcoin investors. According to CryptoQuant’s analysis, this level corresponds to the average cost basis for those who invested in BTC two to three years ago.
Representing approximately 16% of the total BTC supply and accounting for 33% of realized capitalization, these investors are currently at a crucial point as the price approaches their initial investment values.
a short while ago Bitcoin price It reached $41,911 on the Bitstamp exchange, recording the highest level of the year. This upward movement marks the first time BTC has surpassed the $40,000 resistance in the current year. Analysts attribute this rise to a combination of factors such as increased expectations for the approval of the BTC ETF and speculation about possible declines in US interest rates.
Continuous open interest in Bitcoin futures on the Deribit exchange reached a yearly high of $740 million. This level of interest hasn’t been seen since November 2021, when BTC hit an all-time high above $68,000.
Despite the recent price increase, the Bitcoin market has not yet progressed to a state of extreme greed. cryptocurrency The “Fear and Greed Index”, a tool used to measure investor sentiment in the market, currently rates BTC market sentiment as “Greed” with a score of 75. This index, which ranges from 0 (extreme fear) to 100 (extreme greed), provides an overview of investor emotions and behavior. While a score of 75 indicates strong bullish sentiment, it is well below the ‘extreme greed’ values often associated with market tops.