Four Metrics That Shows Bitcoin Bullish Momentum Is Still Present
Even though Bitcoin is showing signs of moving in a price correction direction in today’s early hours, several in chain analysis has been demonstrated that the leading digital asset is still surrounded by bullish momentum. Bitcoin traders and investors were forced to keep the faith alive during the December 11 analysis, showing that the digital asset would move in a bullish direction.
At that period, Bitcoin was trading around $17,580 and was threatening to undergo a further bearish run. Even though it looks like all the gain that Bitcoin accumulated last week have been taken back, the digital asset, according to the analyst, is still primed for more bullish runs.
Bitcoin dominance figure increasing
Investors and traders are always bracing up for a natural price correction event after every price surge, with most of them terming it as a healthy retracement. With Bitcoin failing to break above the $24,000 price region, traders would be comforted that it has more gas to go on despite trading close to the $22,000 price mark. Bitcoin dominance shows bright sparks as the digital asset has seen its dominance figure move from around 64% to top at 67%.
The latest increase in dominance figure is coming off the back of a recent prediction of Bitcoin reaching $46,000 by 2021, made by deVere Group, a firm based in Dubai. Another reason was the recent information released by the Chicago Mercantile Exchange, which claimed that its Bitcoin futures had topped $1.3 billion. These instances mean that institutional investors are active in the sector, which is a good one for the leading digital asset.
Institutional investors continue to accumulate Bitcoin
Bitcoin looked to have reacted to all these developments as the digital asset moved close to a new all-time high of $24,300. Bitcoin outperformed major altcoins as the digital asset averagely scored a 7.7% performance. Also, altcoins have recorded a rather disappointing trade volume in the past few days, with Bitcoin recording a massive 50% increase in its daily volume.
This means that Bitcoin is still on a bullish run, and its performance with its latest support level placed around $22,500. Institutional investors are still adding more of the digital asset after Grayscale was reported to have added more Bitcoin, with their total investment in the leading digital asset now estimated to be around $13.3 billion. In the last one week, Grayscale has been able to add 11,620 Bitcoin to the one in its reserve, with the total now around 576,650.