https://ift.tt/SbEscYd Firm Santiment Explains The Recent Price Rise Of Bitcoin | CryptoGazette

During the last few days, Bitcoin has been racing like crazy and now, the analytics firm Santiment is addressing the reason for which this happened. Check out the latest reports about the price of Bitcoin below.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $47,290.

Analyzing the latest rise in the price of Bitcoin

Crypto analytics firm Santiment is looking hard at the charts to see what caused Bitcoin (BTC) to surge dramatically in recent days.

The market insights agency explained that the lessening concerns about macroeconomic data and geopolitical events are helping Bitcoin investors achieve gains of more than 10%. They noted this when calculating market value to realized value (MVRV).

“Bitcoin has now returned all the way back to $46,800 for the first time since January 4th. The 11-week high comes as inflation, war, and Covid-19 fears have all eased significantly, giving BTC traders an average mid-term trading return of over 10%.”

It’s also important to note the fact that Santiment reveals a three-day chart of Bitcoin while discussing how short liquidations accounted for much of BTC’s jump to the upside.

“Bitcoin launched to $47,200, its highest price since January 3rd. The massive amount of shorts that were growing on exchanges is the primary culprit for this jump. Altcoins really saw a huge short ratio at 1pm UTC, followed by BTC at 6pm UTC, spiking all of crypto.”

Institutions are buying crypto

An important digital assets manager says crypto investment products focused on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rebounded in a huge way last week. It’s important to note that the inflows were over $190,000,000.

According to the latest CoinShares Digital Asset Fund Flows Weekly report, the European markets helped boost crypto investment products. These reached limits at the highest inflows since late last year.