The ongoing Bitcoin ($BTC) correction seems to be over now as $56,555 proved the bottom for Bitcoin and today it is up 8% trading around $64k mark. It has strongly crossed the 62k resistance and broke out of the downtrend as well. The uptend started after the announcement of interest rate and unemployment data.
The trading volume of centralized exchanges reached 31.7 billion dollars which is significantly higher than Spot ETFs which were at 2.9 billion dollars. The difference indicates the enormous difference between the volumes of two trading platforms, which was even more than 11. Such an increase in volumes indicated an increase in market activity. However, retail traders were predominantly responsible for increased interest.
Bullish Sentiment Grows as $BTC Funding Rate Turns Positive
During the last 24 hours, the relative bullish sentiment has also been on the increase, with the funding rate shifting in the positive direction. A positive change in the funding rate shows that investors and traders are optimistic about the future of the price of Bitcoin. A positive funding rate means that long position holders are funding short position holders, which shows that the market has a bullish sentiment.
In the most recent update, it is clear that Bitcoin is trading above $63,970, which is a significant increase in the valuer of the currency. The uptick in prices implies that the market is bullish because traders and investors believe in the appreciation of Bitcoin. The international rally in Bitcoin’s process happened with the support of registration demand for retail investors and the growing interest from institutions.
Bitcoin’s Price Surge Fuels Anticipation for TradeFi Event
The recent spike in Bitcoin’s price is in anticipation of the upcoming TradeFi event, creating expectation for market players. There is, therefore, the likelihood that the event would even increase trading activities and cryptocurrencies’ price volatility.
Trending Now: Bitcoin Bounces Off Key Support to Trade Above the 100-Hour MA
Ultimately, the current state of the cryptocurrency market is highly optimistic and bullish following the recent surge in Bitcoin’s price coupled with some unprecedented trading activities in centralized exchanges. This has created great anticipation for the event, with market players engaged in various speculative positions that can be taken.