Bitcoin: The Bullish Surge and Accumulation Signals Bitcoin is on the rise once again, with its weekly and daily charts painted green. CoinMarketCap reports a
9.5% increase in the past seven days, and a
3% surge in just 24 hours, bringing its value to
$47,454.25 with a market cap of over
$931 billion.
The coin's popularity is soaring, as seen from the spike in its
social volume and the growing
bullish sentiment surrounding it. Notably, the Super Trend on the monthly chart just flashed a
buy signal, historically known for predicting BTC bull markets.
Santiment's data supports this trend, revealing a decline in BTC supply on exchanges and an increase in supply outside of exchanges. This suggests that investors are actively
stockpiling BTC, as evidenced by the rising exchange outflow.
While indicators like Chaikin Money Flow (CMF) and MACD point to a continued uptrend, caution is warranted as the Relative Strength Index (RSI) approaches the
overbought zone, potentially increasing selling pressure.
