Bitcoin Breakout Fueling ‘Extreme Greed’ — Crypto Market Daily
Bitcoin has finally made a major breakthrough. The cryptocurrency market leader surged 7% in the last 24 hours, rocketing past the $10,500 critical resistance level to $11,407 — its highest price since August 2018 — as per the OKEx BTC Index price. Right now, the leading cryptocurrency is trading near $10,800.
The bullish price action has been accompanied by an increase in trading volume — indicating that the positive momentum has a strong chance of continuing. Today’s OKEx BTCUSDT swap volume is likely to make a new high not seen since March 13.
BTC fork Bitcoin Cash ( BCH) and its subsequent fork, Bitcoin SV ( BSV), followed the original Bitcoin’s trend and are up about 7%. Litecoin ( LTC) surged 10% and saw a huge increase in trading volume. On the other hand, ether ( ETH) saw a minor correction after seven straight days of gains. It is down 1.75%.
In general, the total cryptocurrency market capitalization pumped another 3.9% to above $325 billion. Meanwhile, Bitcoin’s dominance climbed back to 61.6%, according to data from CoinGecko.
In the traditional market, we are also seeing price increases. The Nasdaq Composite Index added 1.6%, and the S&P 500 added 0.65%. Gold futures climbed past $1,900 per ounce on Monday.
The greediest moment of the year
Meanwhile, the BTC long/short ratio has increased from 1.02 to 1.37 and the BTC margin lending ratio surged from 10.44 to 15.53 in the last 24 hours, according to OKEx trading data. These two ratios are still running in the historically normal range.
Due to higher funding rates, however, it is possible that bulls may close out their positions and create selling pressure.
Top gainers and losers
As the market sentiment has turned toward Bitcoin, small-capitalization currencies are rising only modestly. Creditcoin ( CTC) gained 17.17%. After a big pullback yesterday, Synthetic ( SNX) bounced 16.77% today. Loopring ( LRC) ranked third, gaining 12.49%.
The biggest loser today is HyperDAO ( HDAO), which is down 12.30%.
BTC technical analysis
Bitcoin is now starting a retracement phase after hitting prices above $11,000. Because the price has surpassed the critical $10,500 resistance level, we need to pay attention to the short-term threshold of $10,670. Midterm critical support is located at $10,280.
The next price target for the first and foremost cryptocurrency is at $11,400 — but high funding rates remain a potential roadblock to price increases.
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