Entering the month of August, the Bitcoin handle exercise has picked up very strongly. Although the BTC value has been consolidating at $29,000, this hints at some bounce again within the brief time period.
In August, Bitcoin’s handle exercise reached its highest stage in 3.5 months. This rise in utility, together with important loss transactions and adverse sentiment, signifies a powerful chance of a short-term (no less than) value bounce for BTC, explains Santiment.
???? #Bitcoin‘s handle exercise has surged to its highest stage in 3.5 months in August. This utility improve, mixed with main loss transactions & adverse sentiment, is a powerful signal {that a} short-term (at minimal) $BTC value bounce is extra possible. https://t.co/5PzjYROX5T pic.twitter.com/G2tevAWdSM
— Santiment (@santimentfeed) August 3, 2023
The world’s largest cryptocurrency Bitcoin (BTC) has proven some value swings this week. However, it’s as soon as once more consolidating round $29,000 ranges. The Bitcoin value volatility has hit the bottom ranges since June 2020, which suggests the formation of a base for the next parabolic bull run as per historic tendencies.
Bloomberg’s senior commodity strategist Mike McGlone explains: “180-day volatility is the lowest ever at about 46% at the start of August, which is typically bullish for prices. My main concern is that divergent Bitcoin price weakness vs. equities since the end of 1Q may imply pressure on all risk assets”.
On the opposite hand, long-term Bitcoin holders proceed to maintain with diamond arms with a staggering 55% of the availability remaining unmoved over the previous two years.
#Bitcoin | 55% of the circulating $BTC provide hasn’t moved in two years!
That’s a testomony to long-term #BTC holders standing agency of their perception. We’re in it for the lengthy haul! pic.twitter.com/f523xa54dh
— Ali (@ali_charts) August 2, 2023
On the opposite hand, Bitcoin’s millionaire and billionaire addresses – aka Bitcoin whales – have continued to accumulate since May 2023. “Collectively, these whales own 11.5M $BTC, making up over half of the total existing supply (59.2%). Over the past 12 weeks, their collective share has risen by 27,755 $BTC,” notes Santiment.
BTC Price Action On the Technical Chart
Also, the technical setup for Bitcoin appears to be fairly bullish at this stage. CrediBULL Crypto stated that the most important strikes for crypto are but to come. “A month of sideways action on BTC and dominance has simply made a higher low. H12 bullish div confirmed, RSI on higher TF looks reset, maintaining above the “magic” 40 RSI stage, who’s prepared for the following leg up?” he wrote.
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