News

Strong Boost In Bitcoin Address Activity Hints At Short-Term BTC Price Jump

Since the start of August 2023, the Bitcoin address activity has surged to a 3.5 month high. BTC Price ready for the next bull run amid low volatility.
Published by
Strong Boost In Bitcoin Address Activity Hints At Short-Term BTC Price Jump

Entering the month of August, the Bitcoin address activity has picked up very strongly. Although the BTC price has been consolidating at $29,000, this hints at some bounce back in the short term.

In August, Bitcoin’s address activity reached its highest level in 3.5 months. This rise in utility, along with significant loss transactions and negative sentiment, indicates a strong likelihood of a short-term (at least) price bounce for BTC, explains Santiment.

The world’s largest cryptocurrency Bitcoin (BTC) has shown some price swings this week. However, it’s once again consolidating around $29,000 levels. The Bitcoin price volatility has hit the lowest levels since June 2020, which suggests the formation of a base for the next parabolic bull run as per historical trends.

Bloomberg’s senior commodity strategist Mike McGlone explains: “180-day volatility is the lowest ever at about 46% at the start of August, which is typically bullish for prices. My main concern is that divergent Bitcoin price weakness vs. equities since the end of 1Q may imply pressure on all risk assets”.

On the other hand, long-term Bitcoin holders continue to hold with diamond hands with a staggering 55% of the supply remaining unmoved over the past two years.

On the other hand, Bitcoin’s millionaire and billionaire addresses – aka Bitcoin whales – have continued to accumulate since May 2023. “Collectively, these whales own 11.5M $BTC, making up over half of the total existing supply (59.2%). Over the past 12 weeks, their collective share has risen by 27,755 $BTC,notes Santiment. 

BTC Price Action On the Technical Chart

Also, the technical setup for Bitcoin seems to be quite bullish at this stage. CrediBULL Crypto said that the biggest moves for crypto are yet to come. “A month of sideways action on BTC and dominance has simply made a higher low. H12 bullish div confirmed, RSI on higher TF looks reset, maintaining above the “magic” 40 RSI level, who’s ready for the next leg up?” he wrote.

Courtesy: Santiment
Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025
  • News

Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit

In fresh developments, the United States and China’s trade teams have commenced negotiations on the…

October 25, 2025