Can BTC Break 12k
On-chain exchange activity exploded during Bitcoin’s recent breakout, seemingly confirming the legitimacy of the price momentum.
Listen to article Bitcoin’s recent breakout was accompanied by a massive spike in on-chain exchange volume activity, according to data from Glassnode.
Unlike regular trading volume that is often artificially inflated by the exchanges, on-chain activity may be more indicative of the true patterns.
Interestingly, the only metric that experienced a downward trend is the number of exchange deposits.
The data for the previous week indicates a major spike in off-chain trading volume as well.
The BTC/USD pair saw a 70% increase in its biggest bounce since April; DAI/USDT spiked by over 700% in the same time period.
Bloomberg believes that the fundamentals indicate that Bitcoin will surpass $12,000 this year, if not higher.
With the massive push coming over the last 24 hours, some began to speculate whether Bitcoin can break its all-time high of $20,000.
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