- Bitcoin recovers, interrupting four consecutive weeks of decline.
- The surge in unique Bitcoin addresses and a reduction in Bitcoin holdings on exchanges show promising signs for the crypto’s future.
In a positive shift from its previous trajectory, Bitcoin marks its first weekly gain since August, with an almost 3% rise. This change in momentum disrupts a consistent four-week dip. On-chain expert Ali Martinez pointed out the significance of this change, tweeting,
This is one of the most bullish divergences from an on-chain perspective! pic.twitter.com/x8omlNdD2I
— Ali (@ali_charts) September 16, 2023
The leading cryptocurrency, which had seen an 11% fall in its value over the last month, was particularly affected by a sharp price drop in mid-August. This crash significantly impacted Bitcoin’s overall market capitalization.
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Historically, September has earned the nickname “Rektember” due to Bitcoin’s typical price drops during the month. However, this year paints a different story. With its recent 3% ascent, Bitcoin reached a monthly pinnacle of $26,750. This value was later revised to $26,592 at the time of this report. Such robustness in its price suggests that Bitcoin has found a formidable support level. This might assist it in preserving the gains it accrued earlier this year.
Market Indicators Show Positive Signs
The year 2023 witnessed significant Bitcoin price fluctuations, primarily driven by speculations around the US Securities and Exchange Commission (SEC) greenlighting a Spot Bitcoin ETF. The recent lack of major news concerning this ETF could be a factor behind Bitcoin’s current price steadiness.
In a related development, prominent crypto analytics entity Santiment unveils a heartening projection for Bitcoin. They emphasized the surge of Tether’s USDT supply on crypto trading platforms, which has rocketed to its peak since March, reaching a whopping 24.1%. This trend coincides with a decreasing volume of BTC and Ethereum (ETH) stored on these platforms. Such a trend showcases investors’ preference to hold onto their assets rather than trading them.
Linking the increase in USDT supply with the reduction in BTC and ETH assets, it’s evident that there could be a potential spike in market buying interest. This assertion is bolstered by the recent boost in unique Bitcoin addresses – a phenomenon last seen in April. Such a spike signifies a burgeoning engagement in the Bitcoin ecosystem, echoing Santiment’s bullish stance on the leading cryptocurrency.
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