Bitcoin (BTC), Jumps 12% Hits A 6-Month High. Is This A Dead Cat Bounce or?

The world’s most popular cryptocurrency Bitcoin (BTC), has seen a solid 12% increase in the last few hours, moving closer to $25,000 and reaching a new 6-month high. BTC trades at $24,702 and has a market cap $476 billion.
Traders were surprised by the recent move, which reflected a bearish sentiment in market. On-chain data provider Santiment reports:


Bitcoin has risen to a 6-month high, surprising bearish traders. Prices have jumped above $24.2k for first time since Aug. 14, 2022. Whale addresses are a sign that key stakeholder confidence is growing.
Source: Santiment. As of press time, Bitcoin leads all altcoins in terms percentage gains. Altcoins outperformed Bitcoin last month when it came crypto trading volumes. Santiment, an on-chain data provider, explains that whales and trading volumes can shift from altcoins towards Bitcoin.
Courtesy: Santiment
The bulls appear to have the upper hand with the latest move. According to Coinglass data, Bitcoin’s total shorts liquidations have risen to $85 million in the last 24 hours.
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Investors in the Bitcoin derivatives market are also growing optimistic. Open interest (OI), in the Bitcoin perpetual futures market, shows that traders are building long positions. The funding rates have been positive, indicating the willingness to go long.

On-chain data clearly shows that bulls are in control and today’s price rise may not be a dead cat bounce. To maintain momentum, BTC must have a daily closing price of at least $25,000
Altcoins join Bitcoin to the Party
Altcoins have also joined the party, along with Bitcoin. The top ten altcoins have seen an increase of 9 to 12%. Ethereum (ETH), which is currently trading at $1,700, has seen a 9.25% increase in price. The Ethereum Layer-2 Scalability Platform Polygon has seen a strong price rise recently, with significant whale participation.

Whales still believe in #Polygon
@santimentfeed data shows that large holders with 10-100 million $MATIC have purchased 55 million #MATICs since January 16, totaling $60million.
— Ali (@ali_charts), February 15, 2023

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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