BTC Bullish: Trades sideways, but optimism prevails
As bitcoin continues to trade sideways, optimistic analysis continues.
According to CoinmarketCap, BTC is worth $36,174. It is up 1.55% since yesterday.
According to CryptoQuant, the Coinbase Premium Index shows that investor optimism in the crypto market is still growing. If you look at the sentiment in the US market since October, it’s not as explosive as it was in March. However, it still shows positive momentum. We can see that the bullish sentiment is prevailing at the moment.
Expected Approval of Spot Bitcoin ETF
One of the reasons for this bullish sentiment is the expected approval of a spot bitcoin ETF.
Let’s take a look at the correlation between BTC and GBTC as analysed by Look into Bitcoin.
As Look into Bitcoin notes:
“GBTC has gone from significantly underperforming BTC to actually outperforming bitcoin.”
Based on the trend of grey scale investors, it seems that there are many investors who are optimistic about the approval of a bitcoin spot ETF. These speculators are looking to buy discounted BTC.
Long Term Investors
Investors who have been invested in BTC for more than six months account for 71.48% of the total volume. Based on historical trends, the price has also moved up and down. This trend suggests that the current slight plateau will lead to a price increase in due course.
This is because the analysis suggests that it is in the second phase of the Chande Momentum Oscillator. “The opportunity for a reversal is now closed,” the analyst explains. The third phase is yet to come and has only just begun.
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