Bitcoin continued its rally over the weekend, breaking above $67,450 for a 3.2% gain. That increase followed an overly rosy prediction for the sector by Kook Capital LLC. The forecast prediction fueled one of the most intense markets, trading activity on KuCoin, Binance, Coinbase and other major exchanges reached $34.5 billion in volumes. This increase is indicative of an upward trend of investor confidence. The Crypto Fear and Greed Index climbing to 75 is an obvious bull signal.

This positive momentum in Bitcoin’s market is further supported by a few key, bullish indicators. Bitcoin network fundamentals Local cryptomarket sentiment Bitcoin hashrate increased by 5% to 230 EH/s. This increase is indicative of a more robust and better protected network for miners. The combined unique number of active Bitcoin addresses was at a high level – 1.35 million – demonstrating continued user engagement and adoption.

The spike in trading activity was most evident on the top-performing trading pairs. BTC/USD trading volume on Binance has went parabolic as well, up 25% to a stunning $39.2 billion. At the same time, BTC/EUR on Kraken jumped 18% to $11.3 billion. This increased activity further illustrates the deep-rooted interest in Bitcoin that spans markets worldwide.

In addition to the high volume, Bitcoin futures open interest saw a remarkable increase as well, jumping from $18.9 billion to $21.4 billion. This significant increase indicates that traders are making larger bets on the future price movement of Bitcoin, further strengthening the bullish outlook. BTC/USDT trading volumes spiked up by 20%, marking a seven-day high of $25.6 billion. At the same time, BTC/ETH saw an increase, rising 15% to reach $7.8 billion.

Sure enough, within just 48 hours of Kook Capital’s tweet, Bitcoin’s price had jumped all the way up to $69,800, giving this bullish sentiment even more validation. Technical indicators reflected this upward trend. The Relative Strength Index (RSI) for Bitcoin jumped from 62 to 68, which suggests very strong buying pressure. Confirming the crossover, the Moving Average Convergence Divergence (MACD) produced a bullish crossover, indicating there could be more room for appreciation.

Overall health of the Bitcoin network improved too. Active Bitcoin addresses rose by 7% to 1.3 million, showing rising user activity and adoption. Transaction volumes were $12.9 billion, a sign of growing network utilization and the return of investor confidence.