The cryptocurrency market is showing optimism as Bitcoin experiences bullish momentum, rising to $109,763.65.
Rapid Rise of Bitcoin
Recent data indicates that Bitcoin’s price reached $109,763.65 before slightly dipping to $108,000. The growing interest in exchange-traded funds (ETFs) has significantly contributed to this development.
Crypto Rally Expands to Altcoins
This rally has also spread to other prominent crypto assets, including Dogecoin ($DOGE) and Ethereum ($ETH). The market capitalization of the crypto sector has surged by 3.49%, touching the $3.36 trillion mark, indicating active accumulation by both retail and institutional investors.
Ongoing Bull vs Bear Struggle
As Bitcoin surged, over $250 million in short positions were liquidated in the past 24 hours. Additionally, open interest in Bitcoin spiked to 8.71%, reaching $74 billion. However, more than 68% of traders on Binance, who have opened Bitcoin positions, remain short, indicating the ongoing struggle between bulls and bears.
Given the current market sentiment and an increase in the Fear & Greed index to 73 points, some analysts suggest that a provisional correction may occur. Nevertheless, the current upward trend of Bitcoin signals a potential rally towards $118,000.
