Bitcoin (BTC) surged above $79,000 for the first time, alongside a significant liquidation of $280 million in bearish bets, indicating bullish market sentiment.
The recent price increase attributed to the U.S. election of Donald Trump and a rate cut by the Federal Reserve suggests strong bullish signals among traders.
Weekend price movements suggest retail investors are heavily involved, indicating broad interest and participation, which is a bullish signal for the market.
With profit-taking among bitcoin traders remaining minimal and strong liquidations indicating extreme market sentiment, analysts believe the current rally has substantial potential.
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