The Bitcoin price surges past $31K mark as open interest swells by over $300M
, and the cryptocurrency now faces key resistance at the $30,500 level, according to market observer Negentropic. There is a rising buying pressure and the MACD , a trend-following momentum indicator, crossing above the"0" level suggests the momentum is shifting towards the bulls.If Bitcoin can clear the hurdles of $32,500 and then $34,000, it could indicate a stronger bullish trend in the making.
In other developments, Dan Morehead, CEO of Pantera Capital, pointed out that Bitcoin's correlation with the S&P 500 has returned to zero, meaning Bitcoin is moving independently of the broader stock market. This decoupling could make Bitcoin an appealing hedge against potential volatility in these traditional markets.
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