NewsletterBitcoin (BTC) Jumps 12% Hitting A 6-Month High, Is This A Dead Cat Bounce?
The world’s largest cryptocurrency Bitcoin (BTC) has posed a solid 12% gain in the last few hours moving closer to $25,000 and hitting a new 6-month high. As of press time, BTC is trading 11.72% up at a price of $24,702 and a market cap of $476 billion.
The recent move has surprised traders with bearish sentiment in the market. On-chain data provider Santiment reports:
Bitcoin has launched to a 6-month high, surprising the bearish trader sentiment. With prices jumping above $24.2k for the first time since Aug. 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence.
As of press time, Bitcoin is leading all other altcoins in terms of percentage gains. Last month, we saw altcoins dominating over BTC when it came to crypto trading volumes. On-chain data provider Santiment explains that we can expect whales and trading volumes to shift from altcoins to Bitcoin.
With the latest move, the bulls seem to have the upper hand. As per the data from Coinglass, the total shorts liquidations for Bitcoin over the last 24 hours have surged to $85 million.
Furthermore, there’s growing optimism among investors in the Bitcoin derivatives market. The open interest (OI) in Bitcoin perpetual futures market shows that traders are building long positions. Also, the funding rates have been predominantly positive showing the willingness to go long.
Thus, on-chain data shows that the bulls are clearly in the driving seat and today’s price surge may not be a dead cat bounce. On the upside, BTC needs to give a daily closing above $25,000 to continue the momentum.
Altcoins Join Bitcoin to the Party
Along with Bitcoin, altcoins too have joined the party. The top ten altcoins are up anywhere between 9-12%. Ethereum (ETH) has shot up by 9.25% and is currently trading close to $1,700. Ethereum’s Layer-2 scalability platform Polygon has also shown a strong price rally recently with major whale participation.
Whales are still bullish on #Polygon! 🐋💰
On-chain data from @santimentfeed shows that large holders of 10-100 million $MATIC have bought 55 million #MATIC since January 16, totaling ~$60 million. pic.twitter.com/gk2Ce0xyDO
— Ali (@ali_charts) February 15, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Experts Turn Bullish on Zcash as Reliance Global Dumps BTC, ETH, ADA for ZEC
- NYSE Arca Clears Bitwise Dogecoin ETF for Trading Today After Grayscale’s Slow Start
- Franklin Templeton Submits Final SEC Filing for Solana ETF Following XRP ETF Success
- Breaking: Bitcoin Gains State Adoption as Texas Becomes First U.S. State to Purchase BTC
- Rate Cut Advocate Kevin Hassett Emerges as Trump’s Top Pick For Fed Chair
- Solana Price Prediction as ETF Inflows Hit $621M After 21 Days
- Monad Price Prediction Amid Mainnet Debut — Is a Bigger Breakout Ahead?
- Chainlink Price Could Soar to $15 as ETF Listing Nears
- Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?
- Ethereum Price Holds $2,900 Amid Massive ETF Inflows and BlackRock Purchase
- Sui Price Surges 12%: Could This Mark the Start of a Bullish Trend?
