Bitcoin (BTC) recently reached a significant milestone, setting a new all-time high (ATH) at the level of USD 66,900 after a waiting period of 189 days. Still, the leading cryptocurrency faces a correction that has fallen to the $ 63,349 area during intraday trading, according to CoinMarketCap.
Despite this trend, the owners remain unimpressed if history is to repeat itself. Lucas Outumuro, Head of Research at IntoTheBlock, stated:
“Is Bitcoin facing a deeper correction? Unlikely. Historically, after BTC broke an ATH after a correction of more than 30 days, BTC rose 145% on average.
Santiment believes this retracement has generated both positive and negative responses. The on-chain metrics provider found:
“Sentiment remains pretty high and the pattern of overwhelmingly positive vs. negative BTC comments has continued for the ninth straight week.”
Advisory and educational platform Eight recently announced that Bitcoin is testing its previous record high of $ 64.8,000. If there is a bounce, the next areas to watch based on the Fibonacci retracement tool are at around $ 75,000, $ 87,000, and $ 96,000, respectively.
How different is the current ATH price compared to the previous one?
Data analytics firm IntoTheBlock announced that the current transaction volume is seven times higher than it was in April. In addition, the current record price was achieved with less retail interest and less speculation.
IntoTheBlock pointed out:
“What is the difference between the April Bitcoin ATH and this one? 1. Transaction Volume: Bitcoin recorded + $ 700 billion in on-chain transaction volume this week. This is a 7-fold increase over April. What’s more interesting is that 99.7% of this volume comes from transactions over $ 100,000. “
These large transactions have shown that a lot of money has flowed in over the past few months.
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