Bitcoin (BTC) has been participating in the crypto bull run throughout last month. However, the world’s largest cryptocurrency has faced multiple resistances at around $50,000 levels. As of press time, Bitcoin is trading at $49,510 levels with a market cap of $923 billion.
There are some important on-chain metrics that can give us some idea into BTC’s future price action. The Bitcoin network activity has seen a sharp uptick recently. As per on-chain data provider Santiment, the daily addresses activity has surged past 1 million for the first time in two months.
Furthermore, tracking the funding rates on Binance, there’s a strong bullish consensus among derivative traders. The Santiment report notes:
“Historically spikes in funding rate have coincided with upcoming price tops. It’s not necessarily that it’s going to happen immediately but it’s a sign that people are becoming a bit too confident about what’s going on with BTC price. There’s still room to go before we reach a danger zone”.
Bitcoin Whale Transactions Hit A High
Data provider Santiment further explains that Bitcoin whale transactions have also been on a strong uptick recently. “With this psychological level hit for the first time since mid-May, whale transactions exceeding $100k+ have hit their highest level since late July,” writes Santiment.
