28-12-24
BTC 4-hour chart update (94845)
Fear and Greed: 72 (Greed), yesterday 74 (Greed)
BTC Dominance: 57.80% Dominance has decreased from yesterday
Price action: Price has traded in a very tight range spanning $1000. Price still below the ema ribbon and 200 ema line. However, at the time of writing this, spot market trading volume is increasing and there could be a small term price bounce.
Premium Index: PI has decreased since yesterday and currently at -0.0492 %.
Funding Rates: FR has decreased since yesterday and currently at 0.0124 %.
Open Interest: OI is at $51.281 B which has increased from yesterday
Volume: Vol. is at $23.55 B which has decreased from yesterday
To conclude: Bitcoin traded sideways in the past 24 hours, with a notable decrease in funding rates despite a slight price uptick. The declining premium index indicates a shift towards spot market activity influence increasing, suggesting a less leveraged and potentially more stable market environment. However, increasing open interest signals increased volatility but it should be noted the increase for minor and may not cause sudden price movement at all. The market currently exhibits a cautious but optimistic mood, with the potential for upside price movement in the near term.