Here’s What Could Push Bitcoin to New 3-Month High

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Bitcoin (BTC) price reached a new three-month high of $47,998 as the crypto market looks set for another bull rally. The top cryptocurrency has managed to get past the three-month-long bearish phase to start on a strong note in August. It has faced rejection at the $48K level again, and a move ahead of the key resistance would push it to the $50K price territory soon.

BTC fell to a weekly low of $45,500 on Saturday but recovered throughout Sunday to challenge the $48K bracket again. The top cryptocurrency is moving in the range of $45K-$48K with $45K being strong on-chain support at present.

Key On-Chain Metrics Indicate Strong Bullish Momentum

Bitcoin turned its key resistances above $40K fairly quickly managing to break past three resistances in the first two weeks of August. This is a strong bullish sign as the top cryptocurrency was struggling to hold above $35K for the majority of the last three months. BTC’s on-chain metrics have also shown great recovery in the past couple of metrics as key ones flashed bullish signals.

The Bitcoin hashrate is currently recovering and nearing ATHs which is a major sign that large mining farms that migrated out of China have restarted their mining farms overseas. The average hashrate in the past day was 144.12 EH/s, the average hashrate in the past 3 days was 128, and in the past 7 days was 118.22.

Source: Twitter

Ever since BTC has managed to break past $40K resistance, the on-chain large transaction activities have spiked indicating growing investor confidence. On-chain transactions worth $10 million and above account for more than 50% of the transactions.

 

Santiment’s crowd sentiment data indicates FOMO among investors has increased as they expect another bull run that could retest its previous ATH of $64,683. The data suggest optimism is up but hasn’t reached euphoric levels as of now. A Euphoric FOMO in the coming weeks could drive BTC price to new ATH soon.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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