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These 4 key Bitcoin price metrics clearly reflect traders' bullish optimism

Published 12/22/2020, 05:51 PM
Updated 12/22/2020, 07:40 PM
These 4 key Bitcoin price metrics clearly reflect traders' bullish optimism
BTC/USD
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BTC/USD
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As Bitcoin (BTC) price tested the $17,580 low on Dec. 11, investors remained relatively calm despite some analysts issuing bearish estimates. Last week’s trading may have finished at the same level where it started, but the fundamentals for Bitcoin have become even stronger.

BTC/USD 4-hour chart. Source: TradingView

Each time Bitcoin makes a new high, investors expect some form of correction. Despite failing to break through the $24,000 resistance, the price quickly bounced from its sub- $22,000 dip on Dec. 21. This event might have given sellers some hope, but looking under the hood, there is not a single sign of weakness sign.

Top-16 cryptocurrencies weekly performance. Source: Nomics & CoinMarketCap
Grayscale Investments BTC holdings. Source: bybt.com
Grayscale Bitcoin Trust premium. Source: TradingView and Grayscale
BTC perpetual futures funding rates. Source: Digital Assets Data
BTC Twitter user activity vs. USD price. Source: TheTie
BTC options put-to-call ratio. Source: Cryptorank.io

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