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Highlights
- Bitcoin price has dropped mildly to contrast with combined market cap
- Key metrics including trading volume and whale transactions suggests imminent bullish rebound
- Spot Bitcoin ETF remains a crucial trigger to watch
The broader digital currency ecosystem has taken a new twist with the price of Bitcoin (BTC) slipping by 2.02% in 24 hours to $68,186.09. This price action generally contrasts with the combined industry’s market capitalization that is up 7.93% to $2.56 trillion. Despite this trend, more than 3 Bitcoin metrics show that a bullish price rally might be ahead.
Key Bitcoin Price Metrics To Watch
According to on-chain data, the Bitcoin trading volume over the past 24 hours shows a 26.17% surge to $32,682,766,117. This data in its simplest form shows that beyond the short-term knee-jerk reaction in the market, buying interest is existing among swing traders.
The market appears to be recovering after news of alleged jail conversations of pro-Bitcoin US Presidential Candidate Donald Trump started making the rounds. After Bitcoin dropped by as much as 3%, it is now in recovery mode.
On a more advanced stretch, the premier coin’s Open Interest is currently in recovery mode, jumping marginally by 0.7% at the time of writing to $18.63 billion. This figure commensurate with the whale transactions recorded in the trailing 24 hour period.
Per data from crypto analytics platform IntoTheBlock (ITB), the whale transaction is up by 13.45% to $38.69 billion. This is a reasonably bullish trend, one that negates the current losses the price is flashing. Besides this whale activities, the number of daily active addresses on the Bitcoin blockchain has jumped by 11.64% to 612.32K, higher than any other coin.
In all this, there is a relatively limited pressure for selloff in the Bitcoin blockchain. This is why the price has largely maintained the support at the $67,000 price mark. Per the ITB data, BTC addresses in profit has jumped to 95.51%, a complementary metric that is setting the price up for a massive rebound ahead.
How High Can Bitcoin Soar?
Bitcoin is generally considered to be in a bull cycle, despite dropping from its All-Time High (ATH) price of $73,750.07 by 7.44%. With the spot Bitcoin ETF products still capturing significant inflow on a daily basis, the supply crunch is still in effect.
With Bitcoin currently trading above its 100 and 200-day Moving Averages, it might reboot its rally with the next potential trigger. This trigger as many speculates might be linked to the approval of S-1 Filings for spot Ethereum ETF products. Should these events align, Bitcoin might test $80,000 before the end of the first half.
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