Bitcoin Price Prediction: Glassnode Data Shows Strength From Key Events

CoingapePublished on 2023-09-18Last updated on 2023-09-18

Abstract

The Bitcoin price (BTC) movement was largely dominated by sideways movement in the last 30 days, despite developments around spot Bitcoin ETFs and key crypto lawsuits like that of Grayscale. Yet, on chain data shows that the current BTC trading pattern shows an inherent strength in terms of the trader lifecycle.

The Bitcoin price (BTC) movement was largely dominated by sideways movement in the last 30 days, despite developments around spot Bitcoin ETFs and key crypto lawsuits like that of Grayscale. Yet, on chain data shows that the current BTC trading pattern shows an inherent strength in terms of the trader lifecycle.
On Chain Data Shows Spike In BTC Active Trading: Strength Or Weakness?
According to Glassnode data, the amount of supply last active in the range of last 6 months to 1 year based on 1-day moving average has currently reached a 6 month high level. Interestingly, the spike in the last active supply for Bitcoin began just around the time when Grayscale won against the U.S. Securities and Exchange Commission (SEC) in the lawsuit over converting the Grayscale Bitcoin Trust to spot Bitcoin ETF.

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When it comes to the BTC supply last active from over 6 months, a peak in this metric is generally associated with active volume spike during either of two types of events, bull market scenario or sell off environment.

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