#Share1BNBDaily

11-12-24

BTC 4-hour chart outlook: Caution

Fear and Greed: 74 (Greed), yesterday 78(Ex, Greed)

BTC Dominance: 56.82% Dominance has decreased from yesterday

Price action: price is up about 5% today. As can be seen on the chart price created a double bottom and then shot up. The good thing is that the double bottom were wicks and buyers bought up the dips immediately.

Premium Index: PI has decreased since yesterday and currently at 0.0043 %.

Funding Rates: FR has increased since yesterday and currently at 0.016 %.

Open Interest: OI is at $61.668 B which has increased from yesterday

Volume: Vol. is at $40.829 B which has decreased from yesterday

To conclude: The recent decrease in premium index indicates growing demand in spot markets. The rise in funding rates shows the bullish sentiment among traders. While this bullish sentiment is promising, the concurrent dip in trading volume warrants further observation to confirm a sustained uptrend. The open interest has increased which comes with increased chances of price volatility. Therefore, caution is advised.