Bitcoin broke through the $79,000 barrier for the first time in history amid the bullish run in the crypto marketUS-based traders on Coinbase have sho
Bitcoin broke through the $79,000 barrier for the first time in history amid the bullish run in the crypto market
US-based traders on Coinbase have shown an abnormally high demand for Bitcoin over the last two weeks, as shown on-chain data trends
Bitcoin increased 4%, extending its seven-day gains to over 16 percent following a week in which Republican Donald Trump was elected president of the United States.
The president’s and the Fed’s 25 basis point rate cuts are viewed by traders as generally bullish.
Weekend pumps are typically regarded as bullish in the cryptocurrency market since trading volumes usually decline over the weekend when many institutional investors and professional traders are less active, Bitcoin’s price action affirms a bullish momentum with prices on Binance above $78K, indicating that buyers pay premiums to purchase BTC.
this demand intensity fuels the upward trend and drives prices higher because traders are keen to lock in positions. The road to a $80,000 breakout is still open as long as the $76,000 support is not broken
However, a significant price increase over Saturday and Sunday might suggest that retail investors push market activity. This is a bullish sign because it indicates broad interest and participation from smaller investors rather than just institutional players.
Profit-taking among bitcoin traders remains tiny compared to previous euphoric periods, suggesting the current rally still has plenty of room to run
Meanwhile, bearish crypto bets took on over $280 million in losses — an unusually high figure for the weekend — with $103 million in bitcoin shorts and $70 million in ether short bets liquidated. Shorts are bets against higher prices. A cascade of liquidations might suggest a market turning point, where a price reversal, may be imminent due to an overreaction in market sentiment.
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