Bitcoin fell from $ 12,400 to $ 11,500, with a $ thousand correction. BTC has gained over $ 300 since the major correction.
While some analysts predicted a bearish move that could see Bitcoin falling below $ 10,000, in the past 24 hours Bitcoin has reached $ 11,858, a small but significant 1.42% price increase and a market cap of $ 219 billion. However, the rally didn’t take too long and BTC came back to the $ 11,500 levels again.
Despite further anticipated price corrections, Bitcoin is pointed out by several critical indicators that it is in the early stages of a bull market.
According to Tyler Winklevoss, co-founder of the Gemini crypto exchange, the fact that Bitcoin has been hovering above the $ 11,500-12,000 price mark with several successful breach attempts indicates that the coin is preparing for a major breakout. Tyler expressed his views as follows:
“I always get excited when Bitcoin hovers around a price level for a long time. Like an animal in a cage, he’s waiting for the opportunity to go out.
Why Bitcoin (BTC) Is Ready To Burst
Bitcoin has failed to keep its $ 12,000 level, but the crypto market can feel a sense of surge, especially with tokens reaching all-time highs, new partnerships, and new tokens that were launched on DeFi and collected very quickly.
Unlike the 2017 bull run, the crypto market has grown in numerous ways to attract capital from investors. The yield farm has played the biggest role in attracting crypto enthusiasts to invest in DeFi, enabling this sector of the crypto market to reach a new record of over $ 4 billion.
Similar to what happened during the bull run in 2017 and the short bull run of June 2019 and February 2020, interest in Bitcoin has also increased, with Google trends showing an increasing number of searches with Bitcoin as the keyword.
A report by Skrew Analytics shows that retail investors’ open interest in Bitcoin constitutes a potential uptrend segment. The data also show that the recent recovery of the S&P 500 index in the traditional market slightly lowered leveraged positions in Bitcoin by hedge and other institutional investors.
Another important development showing that Bitcoin is highly speculated is CME’s Bitcoin futures, reaching $ 862 million. Some altcoins such as YFI, LTC and XRP are also doing extremely well, and other altcoins are correcting and moving on.