As Bitcoin leaps above $30k, bulls eye big gains

Bitcoin’s latest spiral reignites optimism in the market, with many investors betting on a sustained price climb in the short term.flexed its muscles after breaching the $30,000 mark, as the weekend rally injected some more volatility into the wider crypto market.

According to Coinglass, there was an increase in the number of traders opening long positions vs. those going short in the last 24 hours. This was a dramatic flip, as bearish leveraged traders were dominant for much of the weekend.According to Hyblock Capital, an overwhelming percentage of accounts on the platform, nearly 60%, were still positioned for price losses.

Not only that, but the top traders on the exchange also followed a similar strategy. Just about 42% of the accounts with the highest margin were hopeful that Bitcoin’s value would rise further.However, in the broader market, indicators pointed towards a domination of longs. As the Open Interest rose in the last 24 hours, market buy volume surpassed the sell volume. This implied that longs entered the market through aggressive orders.

However, note that technical analysts frequently view such occurrences as a precursor to a small or big correction.Meanwhile, despite the noise all around, the sentiment around Bitcoin was neutral, as per the latest readings from Fear and Greed Index. However, with the highly volatile crypto market, one can never be too confident, and it would not be surprising if the mood shifts radically to “greed” or “fear” in the near future.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.

Source: News Formal (newsformal.com)

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