Bitcoin has once again made headlines in the crypto world with a remarkable achievement – a record weekly close above $123,000. This milestone not only signifies a new high in Bitcoin's price but also confirms a new phase of price discovery for the leading cryptocurrency.

The surge in Bitcoin's price is backed by strong market indicators, both onchain and in futures trading. Onchain metrics, which analyze data from the blockchain, show a significant increase in bullish activity. This includes a rise in the number of active addresses, indicating growing interest and participation in the Bitcoin network. Additionally, there has been a notable uptick in the amount of Bitcoin being moved to and from exchanges, suggesting increased trading activity and investor confidence.

In the futures market, where investors can place bets on the future price of Bitcoin, metrics also point to bullish sentiment. Open interest, which measures the total number of outstanding contracts, has been on the rise, indicating a growing number of traders taking positions in anticipation of further price appreciation. Furthermore, the funding rates on Bitcoin futures contracts have remained positive, signaling that long positions are outweighing short positions, further supporting the bullish trend.

The record weekly close above $123,000 has sparked optimism among Bitcoin investors and enthusiasts alike. Many see this as a validation of Bitcoin's status as a store of value and a hedge against inflation, particularly in the face of global economic uncertainty and central bank policies. Some analysts believe that this milestone could pave the way for even higher price levels in the near future, as Bitcoin continues to attract institutional and retail interest.

While the rapid price appreciation of Bitcoin may raise concerns about a potential market bubble, many experts argue that the current bull run is fundamentally different from previous cycles. They point to the increasing adoption of Bitcoin by institutional investors, the growing acceptance of cryptocurrencies by mainstream financial institutions, and the limited supply of Bitcoin as factors that could sustain its long-term value.

As Bitcoin continues to make headlines with its record-breaking achievements, it is important for investors to exercise caution and conduct thorough research before entering the market. While the bullish momentum may be strong, the crypto market is known for its volatility and unpredictability. As always, it is advisable to seek advice from financial experts and to diversify one's investment portfolio to mitigate risks.

In conclusion, Bitcoin's record weekly close above $123,000 marks a significant milestone in its price discovery journey, supported by strong onchain and futures metrics indicating bullish sentiment. While the future remains uncertain, many in the crypto community remain optimistic

Source: https://cointelegraph.com/news/3-bitcoin-charts-bulls-are-watching-after-btc-s-weekly-all-time-high-close?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound