CandleFocus Key Metrics Suggest Bitcoin's Rally to $90K and Beyond is Sustainable
2024-11-12
Author: Content Editor
Bitcoin is currently experiencing a price correction, but underlying metrics indicate that the bullish run is set to continue. Despite the correction, BTC's open interest in futures and positive funding rate suggest sustained inflow of capital and a bullish outlook for long trades. $225 million worth of short positions were liquidated in the past 24 hours, further supporting the potential for BTC to reach $90,000 in the short term. Analysts believe that Bitcoin is in a more mature phase compared to previous periods and considering its historical growth following the halving event, further price increases are expected. The continuous rise in price is reflected in growing interest from large institutions advising investors to increase their cryptocurrency holdings, particularly in Bitcoin.
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