Bitcoin Shatters $73K Barrier Amid Bull Run Speculation
Bitcoin has broken past $73,856 after rallying from around $65,000. Several key drivers contributed to this surge, including US Treasury bond buybacks and White House regulatory support.
However, investors are left wondering if Bitcoin is experiencing a genuine bull run or a bull trap. One argument for a bull run is that the coin's price structure mimics the 2022 bear market, even factoring in the FTX crash.
An analysis by Look Into Bitcoin suggests that Bitcoin may follow a similar rally to the one after the 2022 crash. This assessment is based on various indicators, including the MVRV (Market Value to Realized Value) Z-score, which stands at 0.56 - neutral territory.
Other supporting indicators include the weekly Relative Strength Indicator (RSI), currently at 49.5; the Realized HODL (RHODL) Ratio, increasingly approaching the green band; and positive flip in Bitcoin spot ETF inflows, which saw over $1 billion in net inflows in a three-day streak.
Despite these encouraging signs, there are still concerns that the current rally may be driven by short squeeze rather than organic demand. However, the Satoshimeter is currently at 2.57 - lower than previous capitulation stages but showing bottoming out momentum.