Bitcoin sits within a sneeze of all-time highs after printing another massive series of green candles on the open of US stock markets this morning! Can this rally continue to run?
Crypto may not have seen the entrance of the late majority to this rally, which would be marked by things like Coinbase taking the number one spot on the App Store, but it is safe to say the atmosphere among those who remain in the industry has reached elation.
Bitcoin is nearing prices at which I start to seriously consider purchasing the complete set of Louis Vuitton luggage from The Darjeeling Limited pic.twitter.com/6KhOfTPIro
— nic 🌠 carter (@nic__carter) February 26, 2024
Funding rates, which got heavily extended late yesterday and resulted in BTC longs paying 75% annualized to hold their positions, have pulled back slightly today, but remain elevated across the board, signaling that a leverage-induced wipeout could be within the cards.
While Bitcoin has technically entered into overbought territory on the monthly chart, with its relative support index (RSI) reading just above 70, it is important to note that BTC has continued to make gains for multiple months after becoming overbought in past bull markets.
The crypto industry lies positioned for the upcoming bull, and the market now rests at a critical juncture; should Bitcoin manage to break into the $60k range and continue its venture into overbought territory, it will be truly undeniable for all to see that the bull market has arrived.
