{"id":24165,"date":"2025-05-21T16:28:47","date_gmt":"2025-05-21T13:28:47","guid":{"rendered":"https:\/\/forklog.com\/en\/analysts-see-firmer-technical-underpinnings-for-bitcoins-current-rally\/"},"modified":"2025-05-21T16:28:47","modified_gmt":"2025-05-21T13:28:47","slug":"analysts-see-firmer-technical-underpinnings-for-bitcoins-current-rally","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analysts-see-firmer-technical-underpinnings-for-bitcoins-current-rally\/","title":{"rendered":"Analysts see firmer technical underpinnings for bitcoin\u2019s current rally"},"content":{"rendered":"

Unlike December\u2013January, the backdrop now looks sturdier for bitcoin to push beyond $100,000, according to CoinDesk<\/a>.<\/p>\n

Analysts presented six charts across different metrics to support their view.<\/p>\n

Financial conditions<\/h2>\n

Compared with the start of the year, the combination of 10- and 30-year US Treasury yields and the dollar index provides a more favourable backdrop for risk appetite across global markets.<\/p>\n

\"1-1571\"
Bitcoin, 10- and 30-year US Treasury yields, and the dollar index. Data: CoinDesk.<\/figcaption><\/figure>\n

Stablecoins<\/strong><\/h2>\n

The combined market value of USDT and USDC has hit a record $151bn, nearly 9% above the December\u2013January average of $139bn. In other words, there is now more dry powder available for potential crypto purchases.<\/p>\n

\"2-1107\"
Combined USDT and USDC market capitalisation alongside bitcoin\u2019s market capitalisation. Data: CoinDesk.<\/figcaption><\/figure>\n

Institutional investors<\/strong><\/h2>\n

Unlike December\u2013January, institutional investors have shifted from hunting arbitrage to making outright bullish bets. That is reflected in an increase<\/a> in inflows to BTC ETFs and a more restrained rise in open interest on CME<\/span>.<\/p>\n

The latter has risen to $17bn, below the December 2024 peak of $22.8bn. Cumulative inflows into BTC ETFs have jumped to a record $42.7bn, up from $39.8bn in January.<\/p>\n

\"3-620\"
Data: CoinDesk.<\/figcaption><\/figure>\n

Lack of speculative froth<\/strong><\/strong><\/h2>\n

As a gauge of FOMO<\/a>, the analysts point to the combined market capitalisation of two popular memecoins \u2014 SHIB and DOGE. This measure is well below January levels.<\/p>\n

\"4-378\"
Data: CoinDesk.<\/figcaption><\/figure>\n

No signs of overheating<\/h2>\n

In perpetual futures on the leading cryptocurrency, funding rates are well below December highs.<\/p>\n

\"5-233\"
Data: CoinDesk.<\/figcaption><\/figure>\n

Expectations of moderate volatility<\/strong><\/h2>\n

Implied volatility on bitcoin options is far below the levels seen in December\u2013January and in March 2024, when prices reached an ATH<\/span>.<\/p>\n

In other words, traders are not pricing in the extreme price swings and uncertainty that typically accompany an overheated market.<\/p>\n

\"6-170\"
Data: CoinDesk.<\/figcaption><\/figure>\n

Standard Chartered urged investors to buy the leading cryptocurrency and forecast a rise to $120,000<\/a> in the second quarter.<\/p>\n

JPMorgan expects<\/a> bitcoin to outperform gold by year-end.<\/p>\n","protected":false},"excerpt":{"rendered":"

Unlike December\u2013January, the backdrop now looks sturdier for bitcoin to push beyond $100,000, according to CoinDesk. Analysts presented six charts across different metrics to support their view. Financial conditions Compared with the start of the year, the combination of 10- and 30-year US Treasury yields and the dollar index provides a more favourable backdrop for […]<\/p>\n","protected":false},"author":1,"featured_media":24164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1145,1253],"class_list":["post-24165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-market-analysis","tag-technical-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=24165"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/24164"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=24165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=24165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=24165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}