Bitcoin Strengthens as Altcoins Gain Ground Amid Bullish Sentiment

• Bitcoin strengthens despite USD stability, highlighting growing market confidence and bullish investor sentiment.
• BTC’s RSI indicates overbought conditions, while MACD suggests bullish momentum with potential consolidation ahead.
• Bitcoin dominance dips as altcoins rally, reflecting a diversified market amid robust institutional activity and reduced volatility.

Pushpendra Singh, co-founder of PushpendraTech, recently highlighted a notable market sentiment shift, quoting Finance Minister Nirmala Sitharaman: “$ is not falling, #bitcoin is strengthening.” His comment underscores Bitcoin’s resilience amid market fluctuations. Priced at $76,329.60, Bitcoin holds a 24-hour trading volume of $29.18 billion, though it has dipped 0.55% in the last 24 hours.

Market Indicators Suggest Overbought Conditions

Bitcoin’s Relative Strength Index (RSI) stands at 70.47, signaling overbought conditions. Historically, this suggests a potential pullback or consolidation phase. However, bullish momentum could sustain high RSI levels for longer periods.

Related: Crypto Analyst Predicts 40% BTC Rally Before Sell-Off

Moreover, the MACD indicator remains positive. The blue line is above the orange signal line, reflecting bullish momentum. However, a narrowing gap between these lines hints at a possible slowdown.

Source: TradingView

Volume analysis reveals a decline following a recent surge, suggesting a temporary lull in buying pressure. Nonetheless, trading activity remains robust. Bitcoin’s current support level is $74,000, while resistance levels stand at $77,000 and $80,000.

Related: Donald Trump Wins The U.S. Presidential Election: BTC Price Hits New All-Time High

Bitcoin’s market cap remains strong at $1.51 trillion, with a circulating supply of 19.78 million BTC. Its maximum supply is capped at 21 million, reinforcing its scarcity-driven value proposition.

Bitcoin Dominance and Altcoin Rally

Bitcoin dominance has dipped to 57.88%, as altcoins gain traction. This indicates a diversified market rally beyond Bitcoin. Additionally, BTC exchange balances continue to shrink, a bullish signal as holders move assets off exchanges.

Source: Coinglass

Furthermore, open interest in Bitcoin futures increased 1.24% to $86.34 billion, despite a 22% drop in futures volume. Reduced liquidations, down 20.67%, reflect diminished volatility and a stabilized market environment.

Bullish Sentiment and Institutional Activity

The Crypto Fear & Greed Index remains at 75, reflecting heightened bullish sentiment. Institutional activity is evident, with large transactions totaling $145.14 billion in the past week. Meanwhile, net outflows of $628.58 million support the bullish outlook as holders exhibit long-term confidence.

Source: IntoTheBlock

Notably, 99% of Bitcoin holders are currently in profit, with 71% holding for over a year. These metrics reinforce Bitcoin’s appeal as a long-term investment. Changellyblog analysts forecast that Bitcoin’s price in December 2024 will range between $59,821.02 and $84,052.07. The average trading price is expected to hover around $71,936.55.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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