Bitcoin Price Hits $52K for the First Time Since December 3rd, 2021

The Bitcoin (BTC) bullish fundamentals have never been impressive months before the halving, as recorded in the past few weeks. The recently approved spot Bitcoin exchange-traded funds (ETFs) have continued to gobble up more Bitcoins faster daily than the miners are producing.
In addition to the high demand from crypto whales, Bitcoin’s supply on exchanges has dropped to a fresh multi-year low. As a result, it is safe to assume that Bitcoin price is aiming for an all-time high (ATH) shortly. Moreover, Bitcoin price closed above $52k on Wednesday for the first time in more than two years.
The Bitcoin bulls have enjoyed robust support from institutional investors who have been fleeing from the fiat and gold markets in the recent past, as shown by the high cash inflow to spot ETFs. Consequently, Bitcoin’s dominance has continued to rise against the altcoin market despite the notable spike in the entire crypto industry.
Interestingly, Bitcoin’s monthly Relative Strength Index (RSI) is on the cusp of rallying above the $70K level, which indicates the onset of the parabolic phase. With the fourth Bitcoin halving expected to happen in less than 65 days, Bitcoin bulls are undoubtedly well positioned.
According to market intelligence firm Santiment analysts, crypto traders should tread carefully amid the heightened crowd discussion for an imminent ATH. Santiment insights show that every time the crowd got extremely greedy, the market reacted with a short-term reversal, which liquidated the majority of unsuspecting traders.