At the beginning of the month of August, Bitcoin address activity has increased very rapidly. Although BTC price has consolidated at $29,000, it indicates a near-term recovery.
In August, Bitcoin address activity reached its highest level in 3.5 months. This increase in utility, along with significant losing trades and negative sentiment, suggests a high probability of a (at least) short-term price surge for BTC, Santiment explains.
The world’s largest cryptocurrency, Bitcoin (BTC), has shown some price fluctuations this week. However, it is consolidating again at the $29,000 level. Bitcoin price volatility has hit the lowest level since June 2020, suggesting that a base is forming for the next parabolic bull run, according to historical trends.
Mike McGlone, senior commodities strategist at Bloomberg, states, “The 180-day volatility is the lowest on record at about 46% in early August, which is typically bullish for prices.” Equities could put pressure on all risk assets since the end of the first quarter.”
On the other hand, long-term Bitcoin holders continue to hold their hands like diamonds, with a whopping 55% of the supply remaining immobile over the past two years.
On the other hand, bitcoin’s millionaire and billionaire addresses — aka bitcoin whales — have continued to accumulate since May 2023.Together these whales own 11.5 million $BTC, which is more than half of the total existing supply (59.2%). In the last 12 weeks, their total share has increased by 27,755 $BTC,Santiment Notes.
BTC price history on technical chart
Also, the technical setup for Bitcoin seems quite optimistic at the moment. CrediBULL Crypto said the biggest moves for crypto are yet to come. “A month of sideways movement in BTC and dominance has simply led to a higher low. H12 upside divergence confirmed, RSI on higher TF appears to have reset and remains above the 40 RSI “magic” level. Who’s ready for the next climb?” he wrote.
Courtesy: Santiment
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