The bitcoin price has crossed USD 46,000. Bulls running towards $50,000?

After a relatively short period of boredom, the bitcoin price once again guarantees us greater emotions. One bitcoin costs over $46,000 at the time of writing. Ether is also becoming more expensive. Both cryptocurrencies don't seem to be stopping anytime soon.

Bitcoin rate above USD 46,000

The first weeks after the launch of BTC spot ETFs were boring. There was a typical phenomenon of “buy rumors, sell facts”, i.e. declines. It is true that the latter were small, but they turned out to be a bucket of lukewarm water poured on the hot heads of investors.

But now the price of bitcoin is rising again. Currently, 1 BTC costs approximately USD 46,200. This means that bulls are up by almost 4% on a daily basis, and as much as 6% on a weekly basis.

Ether follows its older cousin and 1 ETH costs approximately USD 2,450 today, which translates into a 6% price jump over 7 days and a 1% increase since yesterday.

All this improved market sentiment. Investors no longer look at the chart with undisguised sadness, but with joy, and the dollar symbol is reflected in their pupils.

For example, the BTC fear and greed index indicates 72, which means greed. In addition, the last study was performed at a price of USD 45,302, so the indicator may currently be at a higher level.

In turn, the Ethereum Fear and Greed Index shows 66, which also means greed.

It's growing, but why?

Of course, many investors ask themselves why the market “moved”? The bulls saw that the correction was over and started buying – this is the simplest explanation. In addition, the supply pressure of the Grayscale ETF, from which a lot of bitcoins have recently flowed out, has decreased. The company's ETF offer turned out to be unfavorable (mainly due to high fees), so some investors started to “withdraw” their bitcoins from the fund (this ETF is in fact a transformed Grayscale trust, so it already had a lot of BTC at the beginning). These were listed on stock exchanges and, among others, hence the declines

It is also possible that the market has started pre-halving shopping. Prize distribution for miners in April!