Multiple Bitcoin (BTC) Metrics Show Bullish Rally Ahead
The broader digital currency ecosystem has taken a new turn as the Bitcoin (BTC) price dropped 2.02% in 24 hours to $68,186.09. This price movement contrasts with the sector’s overall market capitalization, which increased by 7.93% to $2.56 trillion. Despite this trend, more than 3 Bitcoin metrics indicate that an upward price rally may be ahead.
Key Bitcoin Price Metrics to Watch
According to on-chain data, Bitcoin transaction volume increased by 26.17% to $32,682,766,117 in the last 24 hours. At its simplest, this data shows that there is buying interest among swing traders beyond short-term immediate reactions in the market.
The market appears to be recovering after allegations that pro-Bitcoin US Presidential Candidate Donald Trump spoke in prison began to circulate. Bitcoin is now in recovery mode after falling as much as 3%.
Further down the line, the Open Interest of the leading cryptocurrency is currently in recovery mode, jumping marginally by 0.7% to $18.63 billion at the time of writing. This figure is commensurate with whale transactions recorded in the last 24-hour period.
Whale trading rose 13.45% to $38.69 billion, according to data from crypto analytics platform IntoTheBlock (ITB). This is a reasonable bullish trend that negates any current losses the price is showing. Alongside these whale activities, the number of daily active addresses on the Bitcoin blockchain also increased by 11.64% to 612.32 thousand; This is higher than all other cryptocurrencies.
In all this, there is relatively limited pressure for sales on the Bitcoin blockchain. Therefore, the price largely held support at $67,000. According to ITB data, the profit of BTC addresses increased to 95.51%; this is a complementary metric that sets the price for a major recovery ahead.
How High Can Bitcoin Rise?
Bitcoin is generally considered to be in a bull cycle, despite falling 7.44% from its All Time High (ATH) price of $73,750.07. While spot Bitcoin ETF products are still capturing significant inflows on a daily basis, supply shortages remain.
BTC/USD 4-hour chart. Source: TradingView
While Bitcoin is currently trading above its 100 and 200-day Moving Averages, it could restart its rise with the next potential trigger. The trigger for much speculation may be linked to the approval of S-1 Filings for spot Ethereum ETF products. If these events occur in parallel, Bitcoin could test $80,000 before the end of the first half.
Read More: Hong Kong Regulator Highlights Registration Deadline for Crypto Platforms
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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