Bitcoin‘s price climbed above $46,000 as expectations for a significant rise tied to ETF hopes increased. Before the potential surge due to ETF-related optimism, large investors took advantage of price dips to accumulate more BTC. Amid these developments, critical levels of Bitcoin’s fundamental indicators were reached, potentially impacting its price.
In recent days, BTC bulls have escalated their activities as the cryptocurrency surpassed the $46,000 mark. According to CoinMarketCap, BTC experienced over a 2% increase in the last week, holding a market value above $901 billion and trading just under $46,000 at the time of writing.
Despite recent price movements, the majority of investors remained profitable, with IntoTheBlock data showing that 90% of BTC investors were still in profit. Large investors capitalized on the preceding price drop to add more BTC to their wallets.
IntoTheBlock revealed that Bitcoin holders owning more than 1% of the supply purchased over 14,000 BTC in the past week, with acquisitions made as prices fell below $43,000.
AMBCrypto, Santiment, and CryptoQuant data indicated increased BTC exchange reserves, suggesting that investors were selling. The gap between Bitcoin’s supply on exchanges and outside was narrowing, pointing to growing selling pressure.