“Buckets Of Addresses” Accumulating Bitcoin Suggests Rally Past $50K Is Sustainable

Bitcoin broke the $50,000 mark for the first time this weekend. The first cryptocurrency by market cap saw a pullback and now trades at $49,554 with a 2.2% and 5.4% profit in the daily charts, respectively. The general sentiment in the market has flipped bullish, but many investors still wonder if Bitcoin will be able to sustain its gains or if the recent price action will end up operating as a “bull trap”. At the time of writing, indicators seemed neutral with analyst first Santiment recording an increase in the total BTC supply on exchanges. This fresh inflow came after the price of Bitcoin rose above $50,000, as trader Ali Martinez noted. Thus, it seems logical to assumed that some holders have decided to take profits on the recent rally. Thus, the high selling pressure has pushed Bitcoin back to the high $40,000s. Additional data provided by Ecoinometrics also recorded a rise in the number of addresses accumulating Bitcoin, as the price approach $50,000. As seen below, this suggests that more investors could be interested in buying Bitcoin at its current levels. Thus, the rally could be more sustainable than in the previous occasions when the price tried to reclaim all-time high levels, only to be rejected back to yearly lows. In support of the bulls, analyst William Clemente indicated that the Stablecoin Supply Ratio (SSR) has begun to trend upwards. This metric is usually used to measure demand volumes in the crypto mark...