Bitcoin’s Active Supply Hits 19 Month Low — Bullish or Bearish?

Bitcoin’s active supply is mirroring 2017 pre bull-run

Bitcoin’s Active Supply Hits 19 Month Low — Is It Bullish or Bearish?

“Bitcoin’s (BTC) active supply has hit a 19-month low of just over one million Bitcoin. This could signal a potential strong price increase if it plays out in line with the findings of a report from asset manager Stack Funds earlier this month.

The active supply saw a sharp increase earlier this year with a 16% increase in less than three weeks to over 1.3 million Bitcoin. Looking at the 90-day moving average over the last three years, this pattern of a sharp increase followed by an almost equal pull back was seen twice before, both right before a strong price increase.

…Earlier this month, Bitcoin Active addresses increased sharply, hitting a one-year high before pulling back over the last two weeks. Again, this pattern is seen immediately before the bull run of 2017 and the strong price rise in Q1 2019.”

Master Asked on July 17, 2020 in Bitcoin.
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