A long-dormant Bitcoin address has suddenly become active after 13 years, according to Whale Alert data, stirring significant interest in the cryptocurrency market. This address holds 33 BTC, valued at approximately $2,142,474. Such reactivations are often viewed with curiosity and speculation, given their potential to influence market sentiment and trends.
As noted by CyptoJelle, an analyst, Bitcoin is currently exhibiting a hidden bullish divergence on the weekly chart, precisely at a crucial support level. This technical pattern is noteworthy because the last occurrence saw Bitcoin’s price surge from $25,000 to $70,000. However, for this bullish trend to be confirmed, Bitcoin needs to close the week in the green.
Currently, Bitcoin’s price stands at $62,482.85, reflecting a 1.18% decline over the past 24 hours. The 1-week Relative Strength Index (RSI) for Bitcoin reads 56.12, indicating a neutral position. This suggests that Bitcoin has the potential for both upward and downward movement.
In addition, the Moving Average Convergence Divergence (MACD) indicator shows the 1-week MACD trading below the signal line. This suggests a bearish trend might be forming.
Bitcoin Shows Promising Growth, Analysts Predict Future StabilityFurthermore, the Bitcoin derivatives market presents a mixed sentiment. According to Coinglass, trading volume has decreased by 4.04% to $37.95 billion. Additionally, options volume has plummeted by 39.73% to $625.97 million. These figures point to reduced trading activity in the derivatives market.
However, there has been a slight increase in open interest in both futures and options. Futures open interest rose by 1.18% to $33.20 billion, while options open interest increased by 2.18% to $10.24 billion. This uptick in open interest indicates that some traders are positioning themselves for potential future price movements.
Moreover, the dominance of long positions, with ratios exceeding 1.8, indicates bullish sentiment among traders. Despite this, recent liquidation data shows a balanced outcome between long and short positions over the past 24 hours.
