CandleFocus Bitcoin Strengthens as Altcoins Gain Ground Amid Bullish Sentiment
2024-11-10
Author: Content Editor
The co-founder of PushpendraTech, Pushpendra Singh, has highlighted a shift in market sentiment, quoting India's Finance Minister Nirmala Sitharaman, who stated that the strength of Bitcoin is causing the US dollar to not fall. Despite some market fluctuations, Bitcoin remains resilient, currently priced at $76,329.60 with a 24-hour trading volume of $29.18 billion. Bitcoin's Relative Strength Index (RSI) suggests potential for a pullback or consolidation phase, but bullish momentum may sustain high RSI levels. While volume analysis shows a temporary decline in buying pressure, trading activity remains robust. Bitcoin's market cap stands at $1.51 trillion, and its dominance has dipped to 57.88% as altcoins gain traction. Open interest in Bitcoin futures has increased, and the Crypto Fear & Greed Index reflects heightened bullish sentiment. Institutional activity and long-term confidence among holders are also evident. 99% of Bitcoin holders are currently in profit, reinforcing its appeal as a long-term investment. Analysts forecast a range of $59,821.02 to $84,052.07 for Bitcoin's price in December 2024, with an average trading price of $71,936.55.
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