- Bitcoin has broken into the $39,000 price range.
- The King Coin financing rate rose to 0.01% at the time of writing.
Bitcoin [BTC]which was hovering around $40,000 at the time of writing, has come close to crossing this threshold in the last 48 hours.
Bitcoin is getting closer to $40,000
In recent weeks, Bitcoin has experienced fluctuations in its value, alternating between rises and falls. Despite this, it consistently maintained a position within the $37,000 price range.
Recent discussions have revolved around anticipating Bitcoin’s potential move towards the $40,000 mark. Further examination of the daily time frame revealed that BTC has moved closer to this threshold over the past three days.
At the close of trading on December 1, Bitcoin witnessed a 2.6% increase in value, reaching a value of approximately $37,200. Then on December 2, the price rose further by 2.0% and closed trading at over $39,000.
At the time of writing, there was a marginal decline of less than 0.5%, the highest since May 2022.
Source: TradingView
AMBCrypto’s analysis of the above chart also showed that Bitcoin’s Relative Strength Index (RSI) indicated a strong bullish trend. At the time of writing, the RSI line almost crossed the oversold zone.
Furthermore, the short moving average (yellow line) continued to provide support around the $35,000 price region.
More Bitcoin addresses need to become active
AMBCrypto’s research into the active addresses metric on Santimet showed that, despite the recent price increase, the number of active addresses has remained the same.
On December 2, Active Addresses numbered approximately 5.3 million. The day before there were also almost 3.5 million active addresses. At the time of this analysis, the Active Addresses statistic was 5.2 million.
This suggests that the rise in Bitcoin’s price has not yet translated into an increase in the number of active addresses trading BTC.
Source: Santiment
This observation was further supported by the volume metric, which also showed no significant increase. At the time of writing, volume was approximately $15.8 billion, which represents a steady trend.
A break above the $40,000 price range could trigger more reactions in both active addresses and trading volumes.
Read Bitcoins [BTC] Price prediction 2023-24
Derivatives traders are placing more bets on BTC
The rise in Bitcoin’s price sparked notable reactions from derivatives traders. A study on the financing rate on Mint glass showed continued positivity, coupled with a price increase.
At the close of trading on December 2, the financing rate was approximately 0.008%. However, at the time of writing, the funding rate had increased to approximately 0.01%. For example, more traders were betting on the rising prices of Bitcoin.