Bitcoin remains strong on lower timeframes but could see some short-lived downside pressure after being rejected at the $45,500 price point. The first crypto by market cap took an upside trajectory last week on the back of several bullish headlines, and an increase in demand. Related Reading | TA: Bitcoin is Surging, Why Bulls Could Aim More Upsides As of press time, Bitcoin trades at $43,816 with a 1.2% and 13.5% profit in the last 24 hours and 7 days, respectively. Data from ByteTree suggest Bitcoin’s latest price action is “encouraging”, but BTC’s price needs to go above the 280-day on their metric called ByTrend. If the bullish momentum continues, this cross will put BTC at around $50,000 per coin. Further data provided by ByteTree records an increase in the amount of Bitcoin held by funds. This metric has been on the rise since October 2021, it stood flat for a majority of January 2022 but resumed it uptrend from 840,000 BTC. The number of BTC held by funds rose from 840,000. The demand for the cryptocurrency has been increasing as more investment products offered, directly or indirectly, exposure to the price of Bitcoin. ByteTree records over 100,000 BTC held by Exchange Traded Products and over 650,000 BTC held by closed-ended funds, such as the Grayscale Bitcoin Trust (GBTC). Additional data from ByteTree provided by Jarvis Labs records a decline on the BTC fund inflows since January 2021. This metric hit rock bot...
