Simply putBitcoin has recently broken four consecutive weeks of decline, soaring nearly 3% in the past week to a monthly high of $26750.The surprising rebound in September (a traditionally bearish month for Bitcoin) indicates that it is building support
Simply put
- Bitcoin has recently broken four consecutive weeks of decline, soaring nearly 3% in the past week to a monthly high of $26750.
- The surprising rebound in September (a traditionally bearish month for Bitcoin) indicates that it is building support.
- The increase in exchange USDT supply and the decrease in BTC and ETH supply indicate an increase in future purchasing interest.
Bitcoin has seen its first weekly increase since August, rising nearly 3% in the past seven days. This positive momentum interrupted four consecutive weeks of decline.
This avant-garde cryptocurrency has experienced a significant decline in value over the past month, with a decrease of 11%. The sudden price drop in mid August exacerbated this decline, significantly reducing its overall valuation.
Bitcoin prices hit monthly highs
Bitcoin has recently risen 3%, ultimately reaching a monthly high of $26750. However, at the time of writing, the price was later adjusted to $26592.
Given the historical pattern of September, the elasticity of Bitcoin's price trajectory is particularly noteworthy - due to the frequent decline of Bitcoin, this month is often referred to as' Rektember '. This stability suggests that Bitcoin has established strong support in current prices, which may help it maintain most of its gains earlier this year.
Throughout 2023, the price trend of Bitcoin has been significantly influenced by speculation surrounding the possibility of the US Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs. However, there have been no significant updates to the ETF in recent weeks, which may contribute to the current stable price behavior of Bitcoin.
The famous encryption analysis company Santiment has made positive predictions about Bitcoin. It emphasizes that Tether's USDT supply on the cryptocurrency exchange has surged to its highest level since March, reaching 24.1%.
This new trend corresponds to the general decrease in holdings of BTC and Ethereum (ETH) on exchanges. This decrease indicates that investors tend to retain assets rather than trade them.
Bitcoin supply is not on the exchange. Source: Santiment
By linking these two important trends, namely the increase in exchange USDT supply and the decrease in BTC and ETH supply, one can foresee a potential increase in market purchasing interest in the future.
One sign of this emerging trend is the recent surge in Bitcoin's unique addresses, which has not been observed since April. This increase means an increase in the participation of the Bitcoin ecosystem, further supporting Santiment's optimistic view on the most important cryptocurrency.
Chain analyst Ali Martinez stated that despite the consolidation of Bitcoin prices in the past few weeks, the growing online activity represents "one of the most optimistic disagreements from an on chain perspective".
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