Bitcoin's new ATH: what does the data say? (On-chain + Social analysis)
It took a while, but we finally have a new Bitcoin price high. On the back of Coinbase’s stock market debut, the top coin surged to as high as $64,804 earlier today before hitting a wall. It has since already experienced a -4.6% drop followed by a mid-day bounce, and continues to hover at $63k at the time of writing.
Let’s jump right into Bitcoin’s latest on-chain, social and other indicators, and what they have to say about the coin’s latest foray into price discovery.
To begin, a lot of Bitcoin’s off-chain indicators started flashing warning signs soon after breaking the new price ATH. In line with Bitcoin’s move above $63k, the amount of BTC-related mentions soared to its highest level since the March 25th bottom, suggesting increased interest in the coin’s short-term PA:
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