Bitcoin has rocketed to a 30-day high after posting one of its largest intraday rallies in weeks, but closer inspection suggests the sudden breakout may not mark the start of an uptrend.
The rally, which began around 9 pm UTC Monday, injected more than $4 billion into market capitalization over five hours and took BTC to just below the $8,000-mark. But as it stands, Bitcoin is yet to clear the highest high of its weeks-long consolidation, made November 29 at $7,933.
The rally appears to have catalyzed a shift toward positive sentiment in the crypto market, but not convincingly. The Crypto Fear & Greed Index is up by two points out of a hundred after the rally, from 39 to 41.
Bitfinex longs start to deteriorate
The number of long positions on Bitfinex — a figure that in November hit a historic high — has finally begun to erode. This suggests Bitcoin’s recent uptrend appears to have been a chance for long-holders on the Hong Kong-based exchange to unload their positions and take profit. Read More...