Coin Edition -
- Discussions around Bitcoin’s potential rise to $50,000 dominated the market.
- The Supertrend flashed a buy signal which could send BTC to $54,000.
- Spot Bitcoin ETF inflows outpaced outflows, suggesting a bullish momentum.
According to on-chain analysis tool Santiment, Bitcoin’s (BTC) rise to $48,000 has caused euphoria among traders in the market. In the last seven days, BTC’s price has increased by 13%, leading traders to speculate about support and resistance zones for the coin.
From the post, traders were anticipating Bitcoin to rise to $50,000 in the coming days. This projection was evident in the social dominance of the words “Bitcoin” and “50k.” Social dominance gauges the extent of discussion an asset or a phrase has across different social channels