Peter Smith
According to the data of Glassnode (@glassnode), more people tend to hold Bitcoin (BTC) and increase their balance of coins.
Besides, the open interest rate has increased, which may be the reason for a possible price blast. Such statement has justified itself to a certain extent as the rate of the leading crypto has increased by 4.40% over the last 2 days.
Analyzing Bitcoin (BTC) from the technical point of view, the ongoing rise is accompanied by the increased trading volume which means that there are low chances for a false breakout. However, the rise may be stopped at the $9,800 mark which is a far retest level of the end of June. Also, the RSI indicator is about to reach the overbought zone soon. In this case, traders may expect a correction after Bitcoin (BTC) reaches the $9,800 mark.
Bitcoin is trading at $9,625 at press time.
Peter Smith
