In a surprising move, the Bitcoin price smashed above $48,000 during the previous training day, displaying the growing strength among the bulls. With a significant rise in the buying volume, enough pressure mounted, which assisted the move. Besides, the bears also appear to have become vigilant, which may hinder the growth of the rally to some extent.
Soon after the launch of the spot Bitcoin ETF, it was expected that the BTC price could jump in action and achieve $50,000 in no time. Unfortunately, the bears took over the market and restricted the rally below $43,000. The recent bullish push flipped market sentiments to a large extent and cleared the way for the token to reach $50,000. Now the bulls are expected to receive significant strength as more liquidity may flow into the space soon.
As per the data from Santiment, the crypto wallets have become profitable with the recent push. Hence, this may invite more participants onto the platform, increasing the volume and volatility and hence impacting the prices of the tokens.
The above data shows that more than 90% of the total BTC supply is in profits, along with 84.7% of ETH and 79.9% of XRP. With this, the popular on-chain platform suggests the price could be making an end-of-week push toward $50,000. Secondly, the upswing materialised despite Grayscale trying to mount significant selling pressure over the BTC price. This suggests the traders have turned completely optimistic about the price and hence a steep upswing could be imminent.
The above chart by CryptoQuant shows the rise in holdings regardless of outflows. Ever since the launch of the spot Bitcoin ETF, the BTC holdings for the spot ETFs have reached an all-time high. Grayscale has been marking notable outflows since its lauch, with $641 million being the largest in the first few days and $51.8 being the lowest, recorded recently. Besides, the net flows saw a huge surge of over $400 million, which makes 10 consecutive positive days.
The above indicators point towards growing hopes for the Bitcoin price rally which may reach $50,000 very soon.