Bitcoin’s price action has been exciting enough to keep traders and investors in front of screens all days of the week.

After fluctuating around $45,000 for two days in a row, Bitcoin retested and then broke through the $48,000 level.

At the time of writing this article, Bitcoin is fluctuating around the $49,000 level.

Bitcoin’s surge above $48,000 has provided the market with much-needed relief.

With Bitcoin posting a daily gain of 4.5%, the market looked set to push Bitcoin towards the $50,000 level.

It also appears that buyers are keen to secure higher levels of support as they were eyeing the $50K.

Additionally, the 200-day simple moving average (SMA), at the time of writing this article, is a much-needed support.

Read:A 70-year-old loses her money after being scammed in the crypto world… The story is here

What is fueling the rise of Bitcoin?

Bitcoin’s dominance of outflow from trading platforms paved the way for the perfect hack.

As explained by the “Glassnode” website, bitcoin exit flows from trading platforms returned to reach record numbers during the current month of August.

This movement indicates that investors have a bullish impulse to accumulate bitcoins in their cold wallets rather than trading platforms.

Similar behavior was seen in the late 2020s as Bitcoin inflows from trading platforms hit record numbers, followed by a bull market that continued until Bitcoin reached a record high in May above $64,000.

It is what can be seen as the strength shown by the bulls and long-term money holders in pushing Bitcoin above $48,000 that inevitably paved the way to the $50,000 level.

Will Bitcoin soon do it and break the psychological level of 50 thousand dollars?

If Bitcoin remains trading above the $48,000 level, the chances of it rising to $50,000 are very high.

The possibility of the same happening looked bright with Bitcoin oscillating and oscillating around $49,000, at the time of writing.

Read:Cryptocurrency liquidity reached its lowest level in 2018

All you need is a stronger push by the bulls.

According to Analyst nicknamed “Rekt Capital” The bitcoin hack was confirmed after bitcoin closed above $48,000 for 4 hours which was enough to confirm the breakout.

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