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

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Ibis
Nov 7, 2020

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

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Assets from this insight

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BitcoinBTC

$ 18798.48

5.80%in last 7d
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