Teasing ATH: What’s behind Bitcoin’s +16.9% week? (Santiment Weekly Pro Report)

It’s been a week for the history books (written on a distributed ledger, of course), as Bitcoin's price ballooned by +16.9% and recorded its first daily close above $15k since January 8th, 2018.

In light of Bitcoin reclaiming much of its market dominance, we take a deep dive in the possible reasons behind the rally, the current state of the BTC network, and the possible outcomes for the week ahead.

Growing ‘buy pressure’ in stablecoin data?

Shortly after Black Thursday, we wrote about the wholesale retreat of market participants away from Bitcoin into stablecoins like USDT and USDC, prompted by growing holder wariness and market volatility.

We concluded that analysis by predicting that Bitcoin may begin to recover “when stablecoin whales and/or retail owners start offloading their stablecoin bags - and especially if there’s a corresponding spike in the inflow

There’s more of this Insight

Choose your subscription plan

Sanbase PRO
Unlock all PRO insights

Years of market experience, compressed in each report

Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.

Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.

Our previous TOP calls:
insight card
signal form

What you get with Sanbase Pro:

  • Members-only daily market insights and analysis
  • 30+ on-chain, social & project indicators for 900 cryptocurrencies
  • Custom alerts for the coins' price, on-chain & social trends
  • Santiment Spreadsheet plugin with 10+ pre-made market templates
  • Personalized asset watchlists and weekly performance reports

Gain unfair advantage with Sanbase Pro

Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!