This triple-digit surge underscores a growing but subtle bullish sentiment in the price of Bitcoin. While this positive sentiment is not showing yet, it is vital in printing a recovery from the current bearish onslaught. In recent times, the Bitcoin price has not traded as low as it currently is, with the spot ETF market providing the much-needed cushion up to now.
At the moment, the massive rally in Bitcoin trading volume is entirely retail-driven considering how spot BTC ETF products have continued to record outflows.
Also, the ongoing recovery in the altcoin ecosystem might complement the revival in the near term. Ultimately, the Bitcoin price is poised to hit bottom, wherein the price will print the long-awaited rebound.
The major takeaway is that many Bitcoin whales and addresses are still in profit, and this will help keep the recovery in check when short-term holders start taking profits on revival.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
