These 4 key Bitcoin price metrics clearly reflect traders’ bullish optimism

As Bitcoin (BTC) price tested the $17,580 low on Dec. 11, investors remained relatively calm despite some analysts issuing bearish estimates. Last week’s trading may have finished at the same level where it started, but the fundamentals for Bitcoin have become even stronger.

Each time Bitcoin makes a new high, investors expect some form of correction. Despite failing to break through the $24,000 resistance, the price quickly bounced from its sub- $22,000 dip on Dec. 21. This event might have given sellers some hope, but looking under the hood, there is not a single sign of weakness sign.

In the past week, Bitcoin dominance continued to gain as it climbed from 64.3% to 67.3%. This move was aided by the Dubai-based financial advisory firm deVere Group’s $46,000 prediction for 2021. Moreover, the Chicago Mercantile Exchange (CME) surpassed $1.3 billion of futures contracts. This creates indisputable evidence of the growing institutional participation in BTC markets.