New Delhi: Amid cryptocurrency fear, uncertainty and doubt (FUD), analysts wonder if Bitcoin’s $ 69,000 was the peak of this bull run or if a new all-time high the times are on their way.
Sentiment metrics highlight the differences between the two different highs, according to Arcane Research. Among these metrics, the first relevant metric is the open-term interest indicator. This indicator represents the total amount of BTC involved in futures contracts at the end of a trading day.
Here’s the difference between the April and November peaks:
April 14 ATH had a more open interest
According to the chart, the April spike shows that BTC had nearly 50,000 BTC in open interest. This difference means that there was a lot more excess leverage in the market at that time.
After the open interest indicator, here is the basis for unregulated futures between two highs. According to experts, the “basis” is basically the difference between the price of BTC and the futures price.
As the chart shows, on April 14 the base of the unregulated futures market reached almost 50%, down from just 17% in the November session.
The âBaseâ difference between the CME and the unregulated market was higher for the last ATH. Funding rates also posted higher values ââfor the period.
These metrics help us see that futures foam was clearly more pronounced during the April ATH session and it also indicates that the market was broader.
Two other indicators, however, had higher values ââfor November 10. The first of these was the Fear and Greed Index, a measure that measures how fearful or greedy the market is.
However, the other two indicators show higher values ââfor the ATH of November 10. The first indicator out of two is the Fear and Greed Index, which records how fearful or greedy the market is and the other is Bybit and Binance’s global open interest share.
According to the charts, the long-term conclusion may be that April’s peak of $ 65,000 has clear differences from November’s $ 69,000 ATH. It is possible that this may not be the end of the bull run and the best is yet to come and many experts support this idea.
Here is a BTC price trend chart for the past five days: