Bitcoin price rally ignites bullish sentiment across US and Asia

2023-11-8 14:00

Quick Take

Bitcoin’s surge beyond $35,000 seems to have triggered a bullish sentiment in both the U.S. and Asia.

This sentiment is seen through regional price analysis, which considers the 30-day price changes during working hours in the U.S. and Asia. Data from Glassnode showed a significant rise in Bitcoin’s price in both regions, indicating a renewed optimism towards the digital asset.

The analysis shows how regional market sentiment fluctuates over time by adding up all price changes.

In the U.S., the month-over-month price change currently stands at $4,908, the highest since early 2022.

Graph showing the month-over-month price change for Bitcoin in the U.S from November 2021 to November 2023 (Source: Glassnode)

Similarly, Asia recorded a price change of over $2,500, a high not seen since November 2021, when Bitcoin topped out at $69,000 during the last bull run.

Graph showing the month-over-month price change for Bitcoin in Asia from November 2021 to November 2023 (Source: Glassnode)

Given that historical peaks in price change have aligned with market highs, the current trend suggests that we may be witnessing a similar pattern unfolding.

The post Bitcoin price rally ignites bullish sentiment across US and Asia appeared first on CryptoSlate.

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