Bitcoin (BTC) Sees Weekly Gain After a 30 days of Declines
Bitcoin (BTC) has eventually broken its streak of declines and recorded its first weekly gain since August. In the previous 7 days, the pioneer digital currency has been growing by nearly 3%. This positive momentum comes after a whole lot of downturn in the past 30 days, where Bitcoin (BTC) lost 11% of its price. The fall was further exacerbated by a sudden price collapse in mid-August that significantly impacted its overall valuation.
Bitcoin (BTC) Price Reaches Monthly High
Regardless of the recent volatility, Bitcoin (BTC) managed to reach a monthly high of $26,750. Nonetheless, at the time of publication, it has been adjusted to $26,592. This resilience in Bitcoin’s price trajectory is noteworthy considering historical patterns associated with September, which is frequently referred to as “Rektember” due to frequent dips in Bitcoin’s price. The stability implies that Bitcoin (BTC) has established strong support at its current price level, potentially helping it retain most of its gains from earlier this year.
Influence of United States Securities and Exchange Commission (SEC)
Throughout 2023, Bitcoin’s price movements have been heavily influenced by speculations surrounding the approval of a Spot Bitcoin (BTC) ETF by the United States Securities and Exchange Commission (SEC). Nonetheless, there have been no major updates on this front in recent weeks, which may be contributing to Bitcoin’s current stable price behavior.
Tether (USDT) Supply and Investor Behavior
Santiment, a renowned cryptocurrency analytics firm, offers a positive forecast for Bitcoin. It outlines that the supply of Tether’s USDT on cryptocurrency exchanges has reached its highest level since March, accounting for 24.1%. This increase aligns with a general decrease in Bitcoin and Ethereum (ETH) holdings on exchanges, indicating that investors are holding onto their assets rather than trading them.
Probable Uptick in Market Buying Interest
By connecting the growing USDT supply on exchanges with the shrinking Bitcoin and Ethereum (ETH) supplies, one can anticipate a probable increase in future market buying interest. Another sign of this emerging trend is Bitcoin’s recent surge in unique addresses, a metric that hasn’t been observed since April. This uptick suggests increased engagement within the Bitcoin (BTC) ecological system, further supporting Santiment’s optimistic perspective on the cryptocurrency.
Bullish Divergence from an On-Chain Perspective
According to on-chain analyst Ali Martinez, regardless of Bitcoin’s price consolidation in recent weeks, the growing network activity represents “one of the most positive trend divergences from an on-chain perspective.” This indicates positive developments within the Bitcoin (BTC) network that could potentially contribute to future price growth.
Hot Take: Bitcoin (BTC) Breaks Weekly Decline Streak, Showing Resilience and Probable for Growth
Bitcoin’s recent weekly gain of nearly 3% marks a break in its four-week streak of declines. This resilience in price trajectory, along with positive indicators such as the growing supply of Tether’s USDT and increased engagement within the Bitcoin (BTC) ecological system, implies that Bitcoin (BTC) could be poised for growth. Although while uncertainties surrounding regulatory approvals persist, the present stability and support at its current price level indicate that Bitcoin (BTC) has the capacity to sustain and build upon its gains from earlier in the year. With growing network activity and positive trend indicators from on-chain analysis, Bitcoin (BTC) continues to show promise as a leading cryptocurrency.
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