Bitcoin Inches Closer to Bull Market Threshold

Bitcoin's price has been steadily climbing, but analysts believe it needs to reach $81,700 to confirm a new bull market. Currently, Bitcoin trades at around $76,808, which is less than $4,900 away from the crucial threshold.

The Exchange Whale Ratio, tracked by CryptoQuant, stood at 0.93 on Sunday, indicating that whales were selling their coins into the rally. Meanwhile, retail investors were buying up leveraged bets, with a taker buy/sell ratio of 1.12 and a Fear and Greed Index reading of 66.

However, institutions such as US funds did not participate in the rally, as evidenced by the negative Coinbase Premium. This means that Bitcoin traded more cheaply on the main US exchange than offshore, suggesting that American investors were not driving the price up.