Bitcoin has seen a strong surge over the past three weeks, moving from $11,200 to a high of $15,300. That is a 36.5% gain in the span of twenty days, making it the best-performing asset over that time frame.

While some are expecting a retracement from here, on-chain data shows that the market can sustainably move higher. This counteracts the strong sentiment shared by some commentators that Bitcoin is clearly overextended to the upside.

Bitcoin Could Soon Move Even Higher, On-Chain Trends Suggest

Bitcoin’s rapid move to the upside has left many wondering if large investors will pay themselves and take profit. There have already been rumors shared on Twitter that certain traders and whale Bitcoin addresses have been liquidating coins in anticipation of a strong correction.

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