Bitcoin Surpasses $30,000 Again, But Full Bullish Still Awaits: 2 Key Reasons

Bitcoin BTC/USDThe world’s most popular cryptocurrency has again breached the important $30,000 milestone.

What happened: The latest bounce has raised hopes that we may be entering a full-fledged bullish trend. However, according to data analytics firm glassnodeThe market is still volatile.

Historical data shows that previous transition periods lasted between 459 and 770 days, suggesting that investors still need to be patient.

The current transition phase, assuming the November bottom, has lasted 227 days, and the bearish market has lasted 593 days at the time of writing.

greed and fear index Monday depicted a score of 55, which indicates that the market sentiments were tilted towards greed. The index measures the degree of fear or greed within the market, with a score of zero indicating “extreme fear” and a score of 100 indicating “extreme greed”.

More: A Stay in the Floating Palace from James Bond’s ‘Octopussy’

why it matters: The latest data from Glassnode shows that the amount of bitcoin held on exchanges is steadily decreasing.

On-chain data shows a decline of over 11.7% in the total BTC supply, which means that almost 2.3 million BTC have been withdrawn from exchanges over the past 30 days.

Data from CoinGlass shows that over the past 24 hours, the number of liquidated traders was recorded at 29,862, with a total liquidation value of $69.01 million. The most significant single liquidation order was observed on OKX, which was in BTC-USDT-SWAP and was valued at $1.10 million.

Price Action: At the time of writing, bitcoin was trading at $30,207, down 1.61% over the past 24 hours. According to data from Benzinga Pro.

Read further: Bitcoin Clings To $30K Despite SEC Approval For Crypto Futures ETFs, Ethereum, Dogecoin Decline: Analyst Predicts Top Crypto Targets Will Be In ‘Potential’ Surrender

Join Benzinga’s Future of Crypto in NYC on November 14th, 2023 to stay updated on trends in the crypto sector such as AI, regulations, SEC actions, and institutional adoption. Secure early discount tickets now,

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