The price of Bitcoin has struggled to keep any serious momentum in recent weeks despite having run towards a new historical maximum at that time. Last week, the top cryptocurrency dropped below the sign of $ 112,000 before experimenting with a little rebirth on the back of the speech of the President of the Federal Reserve (Fed) of the United States.
However, the price of BTC seems to have returned to its slow model of action during the weekend, descending to about $ 115,000 on Saturday 23 August. According to the latest chain data, the BTC price could be blocked at this phase of action changes in preparation for its next move.
BTC Market Activity Wanes – What is the next price?
In a new post on the X social media platform, Alphras has revealed that the Bitcoin market seems to be preparing for the next big move in the coming weeks. This projection is based on the 30 -day active power metric metric, which measures the number of unique coins that have moved at least once in the last month.
The 30 -day active supply metric works as a market thermometer of market interest in BTC, indicating both overheated and fresh overheated market conditions. When the metric increases, it suggests the influx of activities in circulation of fresh and stronger capital of investors.
Historically, the increases in the active offer at 30 days of Bitcoin have often coincided with top and prices of prices, especially because investors are inclined to move their coins during periods of extreme greed or fear. Therefore, an increase in metric can be associated with a potential market reversal.
In the meantime, a decrease in the 30 -day active supply metrics bitcoin more calm of the market with hesitation among investors, generally after periods of high stress or enthusiasm. When a lower number of coins are moving and the offer is relatively stable, an unexpenting effect occurs on the market.
According to Alphras data, the active supply indicator shows that the Bitcoin market has witnessed a recovery time in activity in recent weeks. The On-Chain analysis company added that the slowdown in market activity could mean that the BTC price is preparing for the next great move.
With a macroeconomic environment in improvement, the bitcoin price seems to consolidate in a narrow range under the historic maximum. Therefore, a sudden peak of activity could see the market leader enter a new expansion phase, with the potential to hit new maximums.
Bitcoin price at a glance
At the time of drafting this document, the price of BTC is just above the sign of $ 115,000, reflecting a drop of almost 2% in the last 24 hours. According to Coingecko data, the main cryptocurrency has decreased by over 2% in the last seven days.