@Sakura please summarize this article, thanks uwu.
I’ll retrieve the article and provide a comprehensive summary for you. Let me fetch the content from the Glassnode insights article.
TLDR:
Bitcoin approaches $110K with bullish momentum, but trading volumes remain cautious.
Key Points:
Bitcoin moving toward upper trading range near $110K
14-day RSI climbing toward overbought territory
Futures market shows positive funding rates
ETF flows and volumes have contracted
Selective investor participation observed
In-depth summary:
Bitcoin is experiencing an interesting market phase as it edges closer to the $110K mark. The cryptocurrency’s momentum is strengthening, with the 14-day Relative Strength Index (RSI) approaching overbought levels. However, this bullish movement is accompanied by subdued trading volumes, suggesting a cautious market sentiment.
The futures market presents a nuanced picture. While open interest has slightly declined, indicating a reduction in speculative leverage, funding payments have turned sharply positive. This suggests renewed demand for long positions. Interestingly, the Perpetual Cumulative Volume Delta (CVD) has flipped negative, hinting that short-term traders might be taking profits or hedging after the recent rally.
Options markets show mild complexity, with a slight rise in the 25-Delta Skew pointing to demand for downside protection. ETF flows have contracted from previous weeks, and trading volumes have modestly declined, indicating a “wait-and-see” approach among traditional finance investors.
ELI5:
Imagine Bitcoin is like a roller coaster that’s slowly climbing up. It’s getting higher (near $110K), but not many people are buying tickets (low trading volumes). Some investors are excited and betting it will go up, while others are a bit cautious.
Writer’s main point:
The market is showing selective bullish momentum with underlying caution, characterized by improving on-chain metrics but restrained broader participation.
Relevant links:
Uwu, I hope this summary helps you understand the Bitcoin market pulse for Week 28!