Bitcoin recorded its first weekly high since August, rising nearly 3% in the past 7 days. This positive momentum ended four consecutive weeks of decline
Bitcoin recorded its first weekly high since August, rising nearly 3% in the past 7 days. This positive momentum ended four consecutive weeks of decline.
This groundbreaking cryptocurrency has experienced a significant decline in value over the past month, dropping by 11%. The sudden drop in prices in mid August further exacerbated this decline, leading to a significant decline in its overall value.
Recently, a bright spot has emerged, with Bitcoin prices soaring by 3% to a monthly high of $26750. However, as of the time of writing, the price was later adjusted to $26650.
Bitcoin disk
Given the historical patterns related to September, the elasticity of the Bitcoin price trajectory is particularly noteworthy - due to the frequent decline in Bitcoin prices, this month is often referred to as' Rektember '.
This stability indicates that Bitcoin has established strong support at the current price level, which may help it maintain most of its gains since the beginning of the year.
Throughout 2023, speculation surrounding the possible approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) had a significant impact on the price trend of Bitcoin.
However, there have been no significant updates to the ETF in recent weeks, which may contribute to the current stable price behavior of Bitcoin.
At the same time, the new trend corresponds to a general decline in the holdings of BTC and Ethereum (ETH) on the exchange. This decline indicates that investors tend to hold assets rather than trade.
Provide an exchange for Bitcoin.
Linking the two important trends of an increase in exchange USDT supply and a decrease in BTC and ETH supply can predict the possibility of a surge in market buying interest in the future.
One sign of this emerging trend is the recent surge in the number of unique addresses on Bitcoin, which has not been observed since April. This surge indicates an increase in the participation of the Bitcoin ecosystem, further supporting Santiment's bullish view on the most important cryptocurrency.
Chain analyst Ali Martinez stated that despite the consolidation of Bitcoin prices in the past few weeks, the surge in online activity represents "one of the most upward divergences from a chain perspective".
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