Institution: Three key indicators show that Bitcoin has further room for growth
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On November 23, the asset management giant VanEck's latest report pointed out that based on key indicators, this round of rebound seems to have just begun. VanEck analyzed three key indicators: funding rates, relative unrealized profits (RUP), and retail interest trends:
Since November 12, the perpetual futures funding rate has remained above 10%, indicating a strengthening bullish momentum;
In addition, the current 30-day moving average relative unrealized profit level is around 0.54, which usually suggests that the market will reach its peak over a longer period;
The search volume is only 34% of the May 2021 high, indicating that the speculative frenzy has not yet spread, and the re-participation of retail investors will allow Bitcoin to have further upside potential.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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