Three reasons why the Bitcoin (BTC) bull run is yet to increase

TL; DR

Bitcoin has surpassed $71,000 with a market cap of more than $1.4 trillion, indicating potential for further growth due to low trader euphoria (FOMO) and a stable RSI of 60. Negative BTC exchange netflow suggests easing of selling pressure as investors shift themselves into holding. market sentiment.

No FOMO

Bitcoin (BTC) has been booming lately, with a price above $71,000 and a market capitalization of more than $1.4 trillion (according to CoinGecko). The property rose 14%. On a monthly basis and 165% annually, but some important indicators suggest that a further rally may be in the cards.

One such element is the lack of it Fear of Missing Out (FOMO). According to market intelligence platform Santiment, traders are not as euphoric at the moment As in the past.

FOMO is a psychological phenomenon characterized by the anxiety that others will find satisfying or fulfilling experiences without you. It often manifests as a compulsive desire to stay connected to what the masses are doing.

in the The context of cryptoFOMO refers to the fear of missing out on the potential benefits of an investment in a particular digital asset. so true all right.

However, the event may cause people to enter the market emotionally rather than rationally. They could be investors. Ignore it Due diligence and investment strategies lead to impulse purchases at high prices. ThisIn turn, it can cause significant losses during a severe market correction.

In many cases, FOMO has occurred and is experienced at market highs Followed At a huge price cut. Its lack (as of now) may indicate that the BTC bull run is yet to show its full potential.

RSI

Another metric indicates that the price of BTC may continue to rise coming soon It is the Relative Strength Index (RSI). This technical analysis tool identifies whether an asset is overbought or oversold.

It ranges from 0 to 100, with a ratio above 70 indicating that a correction is imminent. Latest data It shows That BTC RSI is 60, breaking The level mentioned above Only four times in the last 30 days.

Abandoning exchanges

Last but not least, we touch on the Bitcoin exchange. Net flow which one It has been mostly negative last one week (according to CryptoQuant data).

turn into From centralized platforms to self-service systems, it is considered bullish because it reduces the pressure of quick sales.