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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation?

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Bitcoin (BTC) has been consolidating in the past weeks as it continues to range below $61,000. Amid this period of consolidation, there now appears to be a shift with an increase in one of Bitcoin’s notable metrics suggesting a “market consolidation finale.”

According to a recent analysis by CryptoQuant analyst Axel Adler Jr, there has been a significant surge in BTC’s average daily token transfer volume following its recent climb to the $57,000 mark.

This increase in transfer volume, which rose from $650,000 to $765,000, according to the data shared by Adler Jr, coincides with Bitcoin’s price stabilization within the $57,000-$68,000 range.

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10 months ago

Final Phase Of Consolidation?

According to the analyst, the rising transfer volume is particularly interesting as it reflects the behavior of market participants in response to Bitcoin’s current price levels.

Bitcoin daily token transfer volume.
Bitcoin daily token transfer volume. | Source: CryptoQuant

Despite the uptick in volume, driven in part by panic selling, Bitcoin’s price has remained resilient, indicating that the market has effectively absorbed this selling pressure.

As highlighted by Adler Jr, this resilience in price amidst heightened activity suggests that the market may enter the “final phase” of consolidation, where price movements narrow and volatility decreases as market participants reach a consensus on Bitcoin’s value.

Axel Adler Jr’s analysis further sheds light on a critical aspect of the current market dynamics—the demand for what was once considered “expensive” coins.

🛎️ New Quicktake: Increased demand for Bitcoin signals market consolidation finale 👇https://t.co/VCoOPYTzWg

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) August 20, 2024

As Bitcoin’s price stabilized within the consolidation range, the consistent transfer volume indicates that there is still strong demand for Bitcoin, even at these relatively high price levels.

Adler Jr pointed out that investors view these prices as attractive entry points, eager to acquire Bitcoin at what they perceive as a “favorable valuation.”

Is Bitcoin Poised for a Major Price Movement?

Notably, these market participants’ behavior is crucial in understanding the current phase of Bitcoin’s market cycle. Typically, during a consolidation phase, the market experiences a reduction in volatility as buyers and sellers gradually converge on an agreed-upon price range.

In this case, despite increased selling activity, the steady demand for Bitcoin at the $57,000 level suggests that the market is finding equilibrium, which could lead to a significant price movement once the consolidation phase concludes.

Furthermore, the increase in token transfer volume at this stage indicates sustained interest in Bitcoin. This demand highlights a bullish outlook among many market participants who believe that Bitcoin’s current price range represents a solid foundation for future growth.

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Bitcoin Bears in Control? Record Low Funding Rates on Binance Signal Market Shift

10 months ago

As a result, the ongoing consolidation may lay the groundwork for the next significant price movement, either upward or downward, depending on how the broader market reacts in the coming weeks.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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