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After days of increasing prices, Bitcoin (BTC) has surpassed the $47,000 level, indicating that the price may have gained upward momentum. Investors are speculating on when Bitcoin might reach new highs, while excitement prevails in the crypto community. Amidst all this, the emergence of buy signals in a significant BTC indicator suggests that investors might consider accumulating more.
What Happened in Bitcoin Last Week?
Bitcoin has shown a positive trend in its daily and weekly outlook, once again rising. According to data provided by 21milyon.com, BTC has seen an increase of over 9.5% in the last seven days.
In addition, even within the last 24 hours, the value of BTC has increased by more than 3%. At the time of writing, BTC was trading at $47,211, and its market value had settled above $931 billion. The recent price increase has also led to a rise in Bitcoin’s social volume.
To put it more clearly, this can be interpreted as an increase in popularity in recent times. On the other hand, the sentiment of optimism surrounding cryptocurrency has also increased recently, which parallels the rise seen in the overall sentiment.
In a recent post, well-known crypto analyst Ali highlighted an important BTC metric, sharing that the Super Trend indicator, known for its accuracy in predicting bull markets, has shown a buy signal on Bitcoin’s monthly chart.
Historical reviews reveal that since the inception of BTC, there have been four verified buy signals indicated by the indicator, leading to gains of %169,172, %9,900, %3,680, and %828 respectively. Consequently, it may be beneficial to closely examine BTC to understand whether investors have started accumulating more.
The Current State and Prospects of Bitcoin
Analysis based on Santiment data has shown that investors are genuinely purchasing BTC. While the supply of BTC on exchanges decreased last week, the supply outside of exchanges continued to rise. Exchange outflows indicate how high the buying pressure is and suggest that investors expect a price increase in the future.
While all this was happening, BTC’s price at the time of writing was finding buyers at the level of $47,211. The price surge reached a peak with a spike above $48,000 during the night hours but then quickly retracted. Bitcoin’s trading volume has increased by 12% in the last 24 hours, surpassing the $33 billion mark.
