The post Bitcoin flashes rare ‘double super signal’ – Why this is important appeared on BitcoinEthereumNews.com.

Bitcoin’s back-to-back ‘Super Signals’ hint at explosive gains—last seen before 10,000% rallies. Over 94% of Bitcoin holders were in profit as volume trends suggested strong bullish sentiment ahead. Bitcoin’s [BTC] volume oscillator has recently signaled back-to-back ‘Super Signals,’ a rare event that has only occurred during major bull runs. Historically, such signals preceded massive rallies, including gains of over 10,000% in 2012 and 3,000% in 2016.  The latest occurrence, seen in September 2023, followed a +200% rise in Bitcoin’s price, with another super signal appearing in October 2024. Source: X The ‘Super Signal’ appears when trading volume is extremely low in a bullish market. Analysts suggest that these conditions indicate accumulation, as sellers dwindle while buying interest remains steady.  The absence of prior high-volume spikes further supports a bullish outlook, differentiating this phase from bearish low-volume patterns. Bitcoin’s price gains and market data As of press time, Bitcoin was priced at $68,378.05, with a market cap of $1.35 trillion and a 24-hour trading volume of $24.5 billion.  This marks a 5.96% increase over the past seven days, showcasing steady gains. Bitcoin’s circulating supply stands at 20 million BTC.  Open Interest in Bitcoin Futures has risen by 2.39%, at $40.69 billion at press time, indicating increased trading activity and potential bullish sentiment. CoinGlass data showed a 90.33% jump in trading volume to $42.62 billion, while options volume soared by 182.07% to $1.60 billion.  Options Open Interest also increased by 2.29%, now at $24.31 billion. The alignment of these metrics with Bitcoin’s price movements suggests growing optimism among traders. Bullish sentiment Data from IntoTheBlock showed that 94% of Bitcoin holders were in profit at current prices, signaling positive market sentiment. The analysis also revealed that 71% of Bitcoin holders have maintained their positions for over a year, suggesting strong long-term holding behavior. …

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Filed under: News - @ October 22, 2024 3:06 am