This Rally in Bitcoin is Different from March: Why Will the Rise Continue?

Latest data shows that the rise in Bitcoin price is different from the rally that took place in March.

While Bitcoin is preparing to retest the peak prices it saw in March with the rise it has experienced in the last few days, the latest data indicate that this rise is different from the increase in that period.

According to the data, leveraged speculative movements, which are usually a harbinger of a correction in Bitcoin price, have not shown any signs so far. Although weighted rates of open interest remain above zero, CoinGecko data reveals that they are still well below the rates seen in March.

While investors taking long positions generally show dominant performance in bull markets, bulls make position change payments called "funding fees". In the current situation, while this data is also positive, it remains lower than in March. 

According to the rates of on-chain data platform Velo Data, the funding fees of cryptocurrencies with large market value, including Bitcoin, are currently in the green zone between 10% and 20%. On major exchanges such as Binance and OKX, it is positioned well below the levels reached in March. 

Amberdata manager Greg Magadini made the following statement on the subject:

We see that the futures premium is much lower than the peak prices and the number of open positions for Bitcoin is quite stable. 

In light of the data in question, it is estimated that Bitcoin has not yet reached the saturation level it reached in March and that the price increase may continue further.

According to CoinGecko data, Bitcoin is trading at $71,205 at the time of writing.

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