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price of BTC experienced a strong uptrend over the weekend and reached its highest level in months. On August 8, the BTC / USD pair briefly crossed the $ 45,000 mark, hitting intra-trade highs of $ 45,363 before halting some gains as investors rushed to pull profits off the table.
benchmark cryptocurrency has embarked on a remarkable run over the past week that has seen it gain more than 20% from its low of $ 37.3K recorded earlier this month.
BTC bulls have now managed to cancel all losses on May 19. market crash as the coin rebounded spectacularly to claim $ 40,000 support and extend its uptrend. As of this writing, the King’s Coin is changing hands for $ 43,997, according to the latest market coin data.
recovery comes amid fears of rising inflation in the world economy. US Bureau of Labor Statistics is expected to release its July inflation report next week, with first estimates indicating a 0.5% increase in inflation.
Indicators point to an ongoing bull market
On-chain indicators show that BTC may be preparing to replicate the October 2020 bull market cycle, in which prices jumped from $ 10K to highs above $ 64K.
On the one hand, the fear and greed index reached a score of 69, denoting a growing feeling of greed that the market has not seen since May. Other indications of a short-term bullish boom come from a fractal shared by analyst Will Clemente that shows that strong hands are buying BTC from short-term traders.
“Long-term owners now have more than 66% of the supply, the short-term is now down to almost 20%. Before the main bull run began in October, the supply of long-term owners was just over 68%, “Clemente wrote.
This indicator shows that the latest uptrend is mainly driven by demand from investors who intend to hold currencies for the long term.
accumulation patterns in the market also indicate that there is strong demand for bitcoin. According to a recent CryptoQuant post, investors are gobbling up the limited supply of currency as currency inflows continue to decline.
On Wednesday of last week, around 19.3K BTC were withdrawn from trading within hours, indicating that it has eased the selling pressure. This indicator shows that a multi-month run to the upside similar to what we saw in October last year could be ahead.
ETH extends rally to the upside
Momentum was strong in the ETH market last week as the major altcoin jumped almost 30% from its recent low of $ 2,630 to hit highs of $ 3,100 on August 8.
That incredible upward spike comes just days after the long-awaited Hard London Fork went live. groundbreaking update will address the gas rate issues that have crippled the Ethereum network for the past year and will add deflationary pressure to the supply of Ether.
Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.
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