- The price of Bitcoin noted a strong bullish momentum, while speculative traders showed bullish conviction in the short term
- On-chain statistics warned of potential sales pressure, because BTC set a new milestone
Bitcoin [BTC] Pushed beyond the $ 111k level at the price charts and set a new of all time to $ 111.8k.
About 2% above the previous ATH at $ 109.6K (an ATH in mid -January), traders in long positions do not want to believe that there could be a local high.
Source: Cryptoquant
And yet there can be some similarities with December. In a post Cryptoquant insightsuser AMR Taha noted that the estimated lever ratio climbed to 0.2.
This looked like the levels that the metric reached in December 2024.
The open interest on Binance was also near his December level. The High OI reflected a strong bullish sentiment, but also meant that volatility could be high in the short term.
Here it is worth noting that high speculative interest often tends to strengthen rallies and withdrawal.
Proof of market sales, profitable, because Bitcoin makes Aths
The Netflow data of Binance showed that 4,435 BTC was sent to the stock exchange on 22 May. This was the biggest positive Netflow since 7 April. The positive inflow suggested threatening sales pressure as the price hit new highlights.
And yet the 30 -day progressive average of the Netflow data to Binance showed a value of -1.318 BTC. These deep negative values were surpassed in January 2023, a considerable amount of time ago. Bitcoin then started recovering from the Berenmarkt, but was not yet in a bull market.
Therefore, despite the positive Netflows, long -term holders have little reason to panic and sell.
The adjusted Sopr (ASopr) Metriek is used to gauge the average profit or loss that is realized by all the tokens that have moved on the chain. The 7-day advancing average showed a lecture above 1, indicating that more investors have sold with a profit.
And yet the 7-day advancing average was not close to the highlights of March 2024 or November 2024, although it moved there. That is why, as historical patterns, Bitcoin may have much more freedom to expand in the current rally.
Long -term investors can be looking for top signals in the long term. The increased open interest implied that traders and short -term holders should expect volatility and are willing to make some profit.