Bitcoin rose above $65,000: What happened and what does it mean for the market?
Date: 2024-05-06 Author: Oliver Abernathy Categories: BUSINESS
May 6 of this year was marked by an upward trend in the Bitcoin price, which exceeded $65,000, according to TradingView, one of the leading sources of financial data. This increase was 1.8% from the previous day, with an active trading day in which the cryptocurrency reached $65,500. At the time of writing, the price was $65,154.
Restoration of dominance and wave of eliminations
The rise in the price of Bitcoin provoked a partial restoration of the cryptocurrency dominance indicator, which on the morning of May 6, 2024 temporarily dropped to 54.69%, but at the time of writing this article had risen to 54.76%. Simultaneously with this growth, there was a wave of liquidations on short positions, which amounted to more than 70% of the total volume.
This growth was also reflected in other assets included in the top 10 by capitalization. Solana (SOL)'s 6.62% rise especially stands out.
Fear and Greed Index
The Fear and Greed Index, which tracks investor sentiment, rose two basis points over the past 24 hours, indicating a general hoarding sentiment among market participants.
This rise in Bitcoin comes after the Bitcoin network processed over $1 billion in transactions, highlighting the resilience and growing activity in the crypto world. By observing further trends and market reactions, you can try to understand whether this upward trend will continue or whether the market will undergo a correction.
