ICP Crypto Bulls Eye $3.23 Breakout Amid Strong Demand

Bitcoin's recent pullback from $87.3k has been short-lived, and it is now recovering. However, Internet Computer [ICP] has seen more significant gains in the past 24 hours, rising by 7.1%.

This surge in price comes despite the spot CVD not yet beginning to recover, and the funding rate being in negative territory, indicating bearish sentiment amongst derivatives market participants. This could potentially set up conditions for a short squeeze in the coming days.

The monthly trendline breach shows bullish intent from ICP crypto, which has been trending higher since August. The altcoin is down 99.58% from its $750 all-time high and has a market cap of $1.77 billion.

With just five days left for the monthly close, it appears unlikely that ICP will fail to beat the trendline by falling back below $2.15. However, traders should remain cautious as the higher timeframe price chart highlights a persistent downtrend.