Isn’t it a bit poetic that Bitcoin broke a new historical maximum in Bitcoin Pizza Day?
For the first time, BTC crossed $ 110,000Which means that these two legendary pizzas would now have more than $ 1.1 billion.
That is strangely emotional. I don’t know. It feels like … a complete circle moment.
So what is pushing BTC so high? A couple of great things.
First, United States Signed trade agreements With China and the United Kingdom, which Global Economic Tensions Relieved That had been weighing the markets (including cryptography).
Trade Wars cools → The risk appetite increases → Bitcoin does its thing.
Second, institutional investments continue to grow.
Since last Wednesday, The Bitcoin ETFs obtained another $ 2.2 billion in tickets.
More demand = more upward price pressure.
And you know what is the best part? It is likely that the rally has not yet done.
We talk about that yesterdayand cryptocant taxpayer Crypto Dan OK.
He broke it using some key indicators that help evaluate whether the market is overheating, or if there is still space to grow.
1/ financing rate
That is a payment of rates that operators pay when they use leverage in the futures market.
When it is high, it usually means that everyone is betting on prices to rise (also known as long), and the market is becoming too optimistic.
But at this time, although long positions are increasing, the financing rate is still relatively low compared to previous bullfights = The futures market does not show the type of overheating that generally leads to correction.
2/ Short -term transaction activity
This gives an idea of ​​how much “fast money” is entering the market, as the new merchants chasing the demonstration.
And at this time, this activity is not increasing the way it did during the previous tops of all time.
In summary: the impulse is being built, but it is not flooding with impulsive merchants (still).
3/ Short -term headlines are not selling panic
Normally, when Bitcoin reaches a new high, many people who buy recently try to make profits.
But this time? Not so much. Even whales cool.
So yes, while they set out are Possible, this race still feels more like the medium than the end 🚀
