Bitcoin On-Chain Activity Reaches Levels Last Seen Before 2021 All-Time Highs, Data Shows

08/26 11:21

Bitcoin's on-chain activity has reached levels not seen since its 2021 all-time high, according to data from CryptoQuant. The velocity of Bitcoin units moving around the network has hit multiyear lows, indicating a lack of major trading activity among high-volume investors. While this could be seen as positive since whales are holding onto their Bitcoin, it could also be negative since it's not being transferred to new investors. The current stagnation in Bitcoin's price trend has reduced the impetus to buy or sell, and the daily relative strength index (RSI) suggests that Bitcoin is oversold at its current price of $26,000.

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