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Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

Denis
Denis
1 year ago
2 mins read
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

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The world’s first and largest cryptocurrency is making gallant steps towards the greens in a recent outturn of events. Bitcoin is experiencing a sharp rise in price within its market. Recent trading activities got BTC’s price to hit the $24,000 mark. This creates a positive record for the top cryptocurrency across the industry.

Though Bitcoin is making a tremendous improvement in value, its number of active addresses seems to be downtrend.

The sudden growth in price for BTC likely has little connection with the overview of the crypto market. This upward trend occurs due to external pushes that spiked the price. But the irony is that there is no notable rise in the number of its active wallets.

Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge

Records from on-chain reports show that Bitcoin’s number of active wallets is relatively low. Crypto Quant, an on-chain analytics firm, gave its data indicating a downward move for the active addresses. It reports that new contracts are emerging in the futures market as prices keep surging.

Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest
Bitcoin follows an upward trend | Source: BTCUSDT on TradingView.com

This contradicts the current trend in the crypto futures market that depicts increasing momentum. Since the spike is not from an internal influence, the sustainability of the present positive pressure and price rise is quite unclear.

With new contracts opening, the futures market is experiencing higher crypto prices. Also, cryptocurrency short-term investors are taking up positions within the futures market. Such activities are invariably creating spikes in prices. Hence, the significant market price increase is the final outplay of the sudden rise in buying positions.

Possible Reversal On Bitcoin Short-Term Speculation

Additionally, the speculations on the short term in the futures market could make for a fast reversal at any point. Such indications could twist prices in the future in any direction.

The report from analytics firm Crypto Quant also confirms that using directional bets at the moment as it concerns vital macro data poses increasing doom. There are high possibilities of swift directional change in the short term. Hence, the importance of achieving sustainability would depend more on risk management.

Currently, the value of BTC is slightly above $24,000. The impact of macroeconomic activities during the week could trigger volatility in the Bitcoin price. Also, the U.S. inflation data, due on Wednesday, has a role in the overall outcome.

Related Reading: Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Conversely, there seems to be a more accurate indication of the BTC price forecast for August. According to the community predictions, Bitcoin could hit the $28,000 level by the end of the month.

Featured image from Pixabay, chart from TradingView.com
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Denis
Denis

Denis

Denis is a passionate writer and editor and he's been writing in finance industry for almost 6 years.

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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