Bitcoin may have hit $47K, but exchange supply data reveals that…

ambcrypto.com:

Bitcoin’s latest rally saw the more bullish influencers and traders on Twitter throw confetti online as they celebrated the rise of the king coin (yet again). Before you join the party, however, it’s important to slow down and consider the risk that investors who bought the dip might be in a mood to sell and make some quick profits now.

Here’s what the metrics actually reveal.

At press time, Bitcoin was trading at $46,998.85, having rallied by 5.26% over the last 24 hours while appreciating by 14.75% over the past week. Meanwhile, the real celebrations were after the king coin briefly hiked above $47,000, before dropping back down again.

What contributed to this? Well, there’s no shortage of theories. These range from investors slowly getting over the shock of the Russia-Ukraine war to Santiment’s suggestion that Bitcoin shorts liquidations could have helped bump up prices as well.