Key Points
Bitcoin Nearing All-Time High
Bitcoin (BTC) has seen a steady rise over the past month.
It is nearing its all-time high of $68,800 from November 2021.
Traders are predicting a further increase in price, according to Santiment.
At the time of writing, BTC has risen by 9% in the past 24 hours.
It is currently trading at around $56,200.
The market cap of the flagship asset has exceeded the $1.1 trillion mark.
Its market dominance stands at 51.9%.
On February 26th, as Bitcoin gained bullish momentum, MicroStrategy acquired an additional 3,000 BTC.
These were purchased at an average price of $51,813, totaling $155 million.
Data from Santiment indicates a surge in Bitcoin’s total open interest (OI).
It increased from $9.55 billion to $10.2 billion, a level not seen since July 2022.
Following the price rally, there has been a surge in trades betting on a further price increase for Bitcoin.
According to the market intelligence platform, the total funding rate aggregated by BTC on all exchanges increased from 0.016% to 0.019%.
This indicates a slight increase in the amount of long-positioned trades.
Santiment also reports an increase in the number of whale transactions involving at least $100,000 worth of BTC.
These increased from 9,067 to 13,142 unique trades in the past 24 hours.
A surge in an asset’s whale activity typically suggests high price volatility.
Bitcoin’s Relative Strength Index (RSI) also increased from 70 to 73 over the past day, according to Santiment data.
This suggests that Bitcoin might be slightly overheated at its current price point, and a cooldown could be expected.
For BTC to remain bullish, its RSI would need to stay below the 60 mark.
Over the past year, Bitcoin has rallied 140%.
