Bitcoin Price Report - Feb 29, 2024
Market Overview:
- Current Price: $62,356.8
- 24-hour Price Change: +8.78%
- 7-day Price Change: +21.47%
- Market Cap: $1,220,099,146,905
- Total Token Supply: 21,000,000
- Circulation Supply: 18,632,537
Price Performance:
- Opening Price (start time): $62,484.1
- Closing Price (end time): $62,356.8
- Price Change: -0.2%
- Support Price (BOLL): $59,950
- Resistance Price (BOLL): $62,610.5
Technical Indicator Patterns:
- MACD (start time): Death Cross
- Price Change during MACD pattern: -1.69%
- Current Technical Indicator Patterns:
- Backtesting within 7 days: No pattern for MACD, RSI, BOLL, and KDJ.
- Backtesting within 30 days: No pattern for MACD and BOLL, Bearish pattern for RSI (Overbought). RSI pattern occurred 55 times with an accuracy of 36.36%.
Funding Analysis:
- Bybit's Major Whale Traders position direction: Bearish
- Long/Short Ratio: 0.99
Market Sentiment:
- Market Sentiment Index: 80 (Extreme Greed)
Key Findings and Insights:
- Bitcoin's price has displayed a positive trend with a 24-hour price change of +8.78% and a 7-day price change of +21.47%.
- The market sentiment for Bitcoin is at an extreme greed level (Index: 80), indicating elevated investor optimism.
- Technical indicators reveal a Death Cross pattern in the MACD indicator, signaling a potential bearish trend.
- Over the past 30 days, the RSI indicator demonstrated a bearish pattern (Overbought) 55 times, with a 36.36% accuracy rate.
- Bybit's Major Whale Traders position direction is bearish, suggesting a cautious outlook.
- No significant news related to Bitcoin's price analysis is available in the provided data.
Source: Bybit TradeGPT
Disclaimer: This analysis is sourced from Bybit's internal analytics platform. It serves as a reference and not investment advice. Investors are advised to exercise caution, conduct thorough research, and consider various factors before making any investment decisions.
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