Bitcoin at 50K overview
Whenever Bitcoin is at 50K we probably need to pay attention to it. Below is a small overview from perspective of a few different metrics.
1. Funding rate (Binance)
Recently we've added a new metric, funding rate on Binance. It falls along with existing funding rate on Bitmex metric. And it looks like that BTC funding rate on Binance is going crazy:
It seems like we've got a bullish consensus among the derivatives traders. Historically spikes in funding rate have coincided with upcoming price tops. It's not necessarily that it's going to happen immediately but it's a sign that people are becoming a bit too confident about what's going on with BTC price. There's still a room to go before we reach a danger zone.
2. Active addresses
We're very close to 50K price level. Once we break it, we should see a rise above 1M active addresses daily:
Because similar to Ethereum, the last time we were at 50K, it was an average level of network activity. BTC could go higher.
MVRV still remains relatively low:
Once again, there's more room to grow before we reach dangerous levels.
To grow to a new all time high possibly.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.