Bitcoin (BTC) price reached a new three-month high of $47,998 as the crypto market looks set for another bull rally. The top cryptocurrency has managed to get past the three-month-long bearish phase to start on a strong note in August. It has faced rejection at the $48K level again, and a move ahead of the key resistance would push it to the $50K price territory soon.
BTC fell to a weekly low of $45,500 on Saturday but recovered throughout Sunday to challenge the $48K bracket again. The top cryptocurrency is moving in the range of $45K-$48K with $45K being strong on-chain support at present.
Key On-Chain Metrics Indicate Strong Bullish Momentum
Bitcoin turned its key resistances above $40K fairly quickly managing to break past three resistances in the first two weeks of August. This is a strong bullish sign as the top cryptocurrency was struggling to hold above $35K for the majority of the last three months. BTC’s on-chain metrics have also shown great recovery in the past couple of metrics as key ones flashed bullish signals.
The Bitcoin hashrate is currently recovering and nearing ATHs which is a major sign that large mining farms that migrated out of China have restarted their mining farms overseas. The average hashrate in the past day was 144.12 EH/s, the average hashrate in the past 3 days was 128, and in the past 7 days was 118.22.
Ever since BTC has managed to break past $40K resistance, the on-chain large transaction activities have spiked indicating growing investor confidence. On-chain transactions worth $10 million and above account for more than 50% of the transactions.
Santiment’s crowd sentiment data indicates FOMO among investors has increased as they expect another bull run that could retest its previous ATH of $64,683. The data suggest optimism is up but hasn’t reached euphoric levels as of now. A Euphoric FOMO in the coming weeks could drive BTC price to new ATH soon.
😌 #Bitcoin has settled into a $45k to $48k range that has encouraged traders to #FOMO in with anticipation of another run toward the April #AllTimeHigh. Our data indicates optimism is up, but not euphoric in a way that leads to imminent $BTC corrections. https://t.co/G6elk42eSx pic.twitter.com/7ZrIzoZPF5
— Santiment (@santimentfeed) August 16, 2021