🚀Bitcoin prices are soaring, but profit-taking is low, and the market is very resilient!
Bitcoin has been performing really well recently, with prices soaring all the way to around $87,000! Despite the sharp rise in prices, people don't seem to be in a hurry to sell, and the number of investors taking profits has decreased. What does this show? The market is very resilient, and new buyers are coming in and catching those who want to sell!
Just a week ago, Bitcoin broke through its all-time high in March, reaching an all-time high of $73,777. Since then, it has been setting new highs almost every day.
And, did you know? US Bitcoin ETFs saw a record high in inflows last week. In the three days after the US election, these products had a total net inflow of more than $2.28 billion. In particular, BlackRock's IBIT fund received $1.12 billion in one day on November 7!
And after the election, buying interest in the spot market also rose, and the CVD indicator showed a significant increase in spot buying on exchanges, indicating that the market is increasingly interested in buying.
Bitfinex pointed out that although high open interest (OI) is usually associated with leveraged speculative buying activities in the market, it does not necessarily lead to a market decline. At the same time, investors may make buying and selling decisions based on market conditions, so even if the market adjusts, it is normal.
In short, the high market interest in Bitcoin, increased institutional participation, and new demand discovery have kept the entire crypto market on the rise in the short term.
💬 What do you think? How long do you think this wave of Bitcoin's rise can last? Will it face a new round of retracement adjustment in the short term? Leave your views in the comment area!
