Bitcoin has been on a roll, surpassing $118,800 on Friday, indicating sustained buying by bulls and short position covering by bears. CoinGlass data shows that approximately $570 million in BTC short positions were liquidated on Thursday.
Another positive point is that U.S. spot Bitcoin exchange-traded funds (ETFs) recorded the second-largest daily inflow of $1.17 billion on Thursday, according to data from Farside Investors. This suggests that institutional investors expect the BTC rally to continue.
Market analyst Axel Adler Jr. commented in a post on X that the study of the Market Value to Realized Value (MVRV) oscillator and its data from the last four years shows that distribution begins when MVRV reaches the level of 2.75. This is approximately equivalent to $130,900 in Bitcoin.
Could Bitcoin extend its bullish trend, driving other altcoins?