Several metrics that track the activity of previously dormant BTC registered notable spikes in the past 24 hours, as Bitcoin breached the $13k mark for the first time since July.
After a month of relative calm, there's been seen a surge in the activity of BTC that previously remained dormant for more than 2 years:
Long-term investors tend to execute trades based on extensive analysis or intimate market knowledge, which is why sudden changes in HODLer behavior often coincide with major shifts in market conditions and upcoming price volatility.
Bitcoin's Mean Dollar Invested Age has also dipped for the first time in a month, suggesting short-term distribution and potential profit taking by some long-term investors:
Bitcoin's Age Consumed (which inflates when previously idle coins change addresses) has also recorded a string of 12-hour spikes, in line with the activity surge around Bitcoin's September 1st top and the end of its July rally:
Bitcoin's social data has been red hot since its move above $12k, recording the highest daily social volume since its previous price top on August 17th:
Extreme social volumes during pumps can often signal 'peak hype' and increasingly irrational market confidence, and tend to coincide with short-term price consolidations or upcoming corrections.
In the past 48 hours, average BTC-related social sentiment has also switched from predominantly bearish to increasingly bullish for the first time in over 2 months:
On the whole, bullish sentiment is rarely a friend to cryptocurrencies. As you can see above, it's typically been extreme social volumes and predominantly bullish discourse that coincided with price reversals for Bitcoin as well as other cryptocurrencies.
Stay safe out there!
taproot, bitcoin, btc - https://www.coindesk.com/taproot-merged-bitcoin-core
Abortion is trending from this discussion - https://www.reddit.com/r/Bitcoin/comments/j9qbsy/us_antiencryption_bill_forces_companies_to_build/