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It seems that BTC's correlation with the S&P 500 is getting stronger. Two days after the S&P 500 closed near to its all-time high level, BTC rose back to the $50k level, recovering most of its losses from the flash crash that happened at the start of December. Although this price recovery back to the $50k level does indeed constitute great news for BTC, BTC's trading volume across most of the major centralized exchanges still remains relatively muted when compared to a week ago, casting doubts over whether this current recovery momentum can be sustained in the near-term.
Moreover, $50k level is not the level that BTC needs to be at for further upside movements; it needs to reclaim $52k - $53k in order to do so. Therefore, where BTC is headed to in the near to mid-term remains largely to be seen. On the on-chain front, however, there seems to be some good signs for BTC. The Puell Multiple, an indicator that approximates miner profitability and hence supply-side sell pressure, is currently at a value of 1.03. This low value suggests that most miners are now experiencing income stress, where many of them will end up having to either scale back on, or even halt entirely, their mining operations.