Amid the broader uncertainty in the crypto ecosystem, Bitcoin is seeing a massive surge in retail demand, the highest since March
Bitcoin’s retail on-chain activity has picked up recently after being low for five months. CryptoQuant shared this update on X. Over the past 30 days, retail demand for Bitcoin increased by about 13%. This milestone shows a rise similar to the activity seen in March, just before Bitcoin hit its last All-Time High.
Bitcoin Breaks Through Resistance
According to details, this trend indicates renewed interest among small investors and might signal the market’s sentiment changes.
Retail on-chain activity returns after 4 months
“In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.” – By @caueconomy
Full post 👇https://t.co/VORO90JhVg pic.twitter.com/jHGzjUBgII
— CryptoQuant.com (@cryptoquant_com) October 22, 2024
Onchain metrics are important for understanding the Bitcoin market’s health and direction. They show how different groups of investors like the big holders (whales) and everyday investors act. Recently, retail activity has grown, which is noteworthy.
This suggests that more people are joining the market, likely due to positive news, or hopes for future price increases. Additionally, with increased global economic uncertainties, more individuals turn to Bitcoin as a hedge or alternative store of value.
Notably, Bitcoin has formed resistance points over the past months, and current trends show it might overpower these walls.
Bitcoin Price Action and Forecast
Across the broader crypto market, Bitcoin’s price has been experiencing volatility in the past few weeks. The asset recently dropped to $60,000 before recovering to over $65,000.
Despite the bearish trends, confidence among long-term holders remains strong. BTC whales continue to purchase the cryptocurrency, indicating confidence in the coin’s future movement. Many investors anticipate a midterm surge to $70,000.
In a recent post, on-chain crypto analyst Ali Martinez predicts a $400,000 price target for the leading cryptocurrency. His forecast is, however, hinged on Bitcoin achieving some key pedestals. Meanwhile, Bitcoin recently hit an All-Time High (ATH) of $20 billion in Open Interest.
This metric refers to the total value of outstanding derivatives contracts, such as futures or options in the Bitcoin market. As of this writing, Bitcoin’s price was $66,868. This places the coin at $6,870, away from its ATH of $73,738, which it attained in March. The closeness of Bitcoin’s price to its ATH suggests it might be nearing another price surge.
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