With a consistent Coinbase bid, Bitcoin's market faces a test as it approaches a potential breakout or correction. Read more on CT.
- Bitcoin's resilience is evident as it absorbs asks in the $36K zone, hinting at a strong market base.
- The slight dip in funding rates suggests the recent OI hike may not just be from new longs entering the market.
- Bitcoin at a pivotal point with potential triple bearish divergence looming; market direction hangs in balance.
The cryptocurrency market has once again showcased its dynamic nature, with Bitcoin (BTC) taking center stage in the recent trading frenzy. Amidst the market's constant ebb and flow, BTC has demonstrated remarkable resilience, with significant passive asks being absorbed in the $36,000 range.
Consequently, the price of Bitcoin has seen a notable increase to $36,590.41 currently. This uptick is not a standalone event but rather a part of a 3.73% increase over the past week, pushing the market capitalization to a staggering $714.87 billion.
As highlighted by CrediBULL Crypto, an analytic platform, the market's mechanics have been particularly intriguing. Open interest (OI) has held high despite the pressures, and a consistent bid from Coinbase has underpinned the asset's climb.
Read full article at CryptoTale.