Bitcoin

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Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) has been consistently rising over the past month and is getting close to its all-time $68,800 in November 2021. Now traders are betting on a further price rally, according to Santiment. 
BTC is up by 9% in the past 24 hours and is trading at around $56,200 at the time of writing. The flagship asset’s market cap surpassed the $1.1 trillion mark with a market dominance of 51.9%.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/02/Bitcoin-BTC-12.07.42-27-Feb-2024-1024x347.png" alt="Bitcoin surpasses $56k, traders betting on further rise - 26" class="wp-image-14252766">
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 BTC price, whale activity, open interest, funding rate and RSI – Feb. 27 | Source: Santiment
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As Bitcoin gained bullish momentum on Feb. 26, Michael Saylor’s MicroStrategy <a href="https://crypto.news/microstrategy-bitcoin-for-155m/">acquired 3,000 more BTC</a> at an average price of $51,813 — worth $155 million.&nbsp; 
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According to data provided by Santiment, Bitcoin’s total open interest (OI) surged from $9.55 billion to $10.2 billion — a level last seen in July 2022.&nbsp; 
Following the price rally, the amount of trades betting on a further price increase for Bitcoin has also surged. Per the market intelligence platform, the total funding rate aggregated by BTC on all exchanges rose from 0.016% to 0.019%.&nbsp; 
The indicator shows that the amount of long-positioned trades has slightly increased. 
According to Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC increased from 9,067 to 13,142 unique trades over the past 24 hours. When an asset’s whale activity surges, usually high price volatility would be expected.&nbsp; 
In addition, Bitcoin’s Relative Strength Index (RSI) hiked from 70 to 73 over the past day, per Santiment data.&nbsp; 
The indicator suggests that Bitcoin might be slightly overheated at the current price point and a cooldown could be expected. For BTC to stay bullish, its RSI would need to stay below the 60 mark.&nbsp; 
Over the past 12 months, <a href="https://crypto.news/bitcoin-53000-trading-volume/">Bitcoin</a> has rallied 140%. 
 Read more: <a href="https://crypto.news/ted-cruz-republicans-cbdc-bills/"> Ted Cruz leads Republican senators in resistance to CBDC bills </a>

Bitcoin surpasses $56k, traders betting on further rise

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