Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveals

While the global crypto market has split, with some parts, such as XRP moving in an upward trend and another part, such as Bitcoin moving in a downward trend, Bitfinex analysts have suggested the current downtrend on Bitcoin may not just last for a long anymore. According to Bitfinex’s alpha report this week, Bitcoin has recorded bullish achievements over the past week. This has indicated a possible upcoming round of another rally from the top crypto, or in Bitfinex analysts’ words, this could mean we may be in the “early stages of a Bitcoin bull market.” Related Reading: Bitcoin Repeating This Price Pattern Of Late 2019? Watch This Bitcoin Bull Market Approaching? In Bitfinex’s alpha report, the exchange’s analysts pointed out several notable points Bitcoin (BTC) has achieved in the past week, which may result in bullish moves from the asset sooner or later. According to analysts, Bitcoin is beginning to see new market participants. Over the past weeks, the asset’s derivatives trading volume has surged faster than the spot trading volume, thereby driving its volatility. Per the report, Bitcoin’s 7-day moving average spot trading volume has only surged by roughly $24 billion. This is way lower than the derivatives market, which has seen Bitcoin trading volume on futures across various exchanges near $1 trillion. Though the amount recorded in the spot trading volume is the highest ever in Bitcoin’s history, it’s nowhere close to the asset’s derivatives trading volume. The analysts noted, “The BTC Long-term Holder (LTH) Spent Output Profit Ratio (SOPR) is now returning to a level greater than one, on multiple timeframes, indicating that coins are being moved at a profit. The behavior of long-term Bitcoin holders selling their coins during current market conditions is consistent with previous bear market trends, which is a positive signal for the market.” Notably, the rise in Bitcoin’s spot trading volume can be attributed to the US bank crisis, which caused many traditional bankers to seek Bitcoin as an alternative store of value. Related Reading: Bitcoin In Free Fall As Regulators Turn Their Attention To Binance BTC’s Option Volume Surpasses $10 Billion Furthermore, Bitcoin’s option volume hasn’t been left out of the equation, as it has also been peaking in recent weeks, according to Bitfinex analysts. In the past weeks, Bitcoin options’ open interest has spiked to around $12.14 billion. The report suggests this means institutional investors are actively participating in the Bitcoin market, indicating the early stages of a bull market. According to the analysts, although the increase in volume may be quite exciting for investors, it creates more risk as it increases volatility. In addition, over the past year, Bitcoin’s last active supply has increased as opposed to the asset’s supply of long-term holders which has plummeted. The analysts noted, “The BTC Long-term Holder (LTH) Spent Output Profit Ratio (SOPR) is now returning to a level greater than one, on multiple timeframes, indicating that coins are being moved at a profit. The behavior of long-term Bitcoin holders selling their coins during current market conditions is consistent with previous bear market trends, which is a positive signal for the market.” Meanwhile, over the past 7 days, BTC has been in the red. The asset has fallen from a high of $28,783 on March 22 to trade below $27,000. This plummet comes after Federal Reserve Chairman Jerome Powell announced the interest rate spike last week. At the time of writing, Bitcoin is currently in a downtrend alongside some parts of the crypto market. The asset is down by nearly 1% in the last 24 hours with a trading price of $26,837. In contrast, its 24-hour trading volume sits at $16.5 billion, down by 6.7% over the same period. Featured image from Shutterstock, Chart from TradingView

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,243,000,974,028	SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-412.91	-0.65%	63,326.12	63,326.04	63,330.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,900.00	62,445.06	63,748.82	63,739.03	24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	20:19:47	0.000063	63,329.47	USD

Price x Volume	Volume	Base Symbol	Related Pairs
353,840,033.66	5,615.25	BTC	BTCEUR	BTCGBP	ETHBTC

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