What’s up? Analysts at analyst firm Santiment said investors are consolidating gains “as opportunities emerge.” According to their research, Bitcoin has shown the highest profit and loss adjustments since February 2021. For Ethereum, it is the highest since October 2021. According to Binance, ETH is $1, 564 (+0.9%).
What other data is known? According to analyst platform IntoTheBlock, 56.65% of accounts with publicly traded BTC positions on virtual currency exchange Binance are short.
Bloomberg analysts spoke about BTC’s 25% rise and said FOMO (“fear of missing out”) should influence subsequent market moves. Bitcoin’s Contingent Strength Index is at a two-year high, which could indicate a localized overbought condition.
The Contingent Strength Index (RSI) is an indicator of exchange rate strength.
Overbought is a market position when the price of an asset rises very high. Oversold indicates excessive price declines.
On January 15, the F& G index of virtual currencies rose to 52 for the first time since April 2022. Cannot read all totals.