By Franklin Smith
The crypto space endured a severe fall within the last few months, printing 2022’s lows during mid0June sessions. The dominant crypto, Bitcoin, also failed to escape the impacts of the slump, hitting its year’s lows on June 20 at $17.7K.
Nevertheless, since the previous pessimistic growth, Bitcoin gas regained an upside and explored a stable patch to recover the lost value, recently conquering the $24K area. The altcoin sees amplified strength, and upsides toward $25K remain possible.
What’s Happening
June sessions had Bitcoin hovering around the $19K psychological zone for weeks before launching an uptrend. Meanwhile, the upward journey noted an increase in Bitcoin’s supply in profit, with the metric hitting a three-month peak of 62.03% on August 12.
Previous data indicated that supply in profit hasn’t dipped under 65% within the past two years until early 2022 when it hit 64%. It then surged a bit before sliding to a 2-year low. Surprisingly, the inverse relationship between supply in profits and those in losses had the latter marking three-month lows at 7.123 million.
Besides the supply uptick, the Lightning Network – an off-chain platform for receiving and sending BTC, also noted an ATH. The Lightning Network had its maximum capacity at 4,560 $BTC during this publication. According to Glassnode data, the network’s capacity recorded a substantial increase regardless of the crypto winter.
Conversely
The highlighted developments indicated that Bitcoin’s performance within the past few months was better than in 2022 Q1.
As usual, thoughts are different in the dynamic cryptocurrency industry. Euro Pacific Capital CEO and SchiffGold Chairman Peter Schiff lately forecasted that forced selling could still drag BTC towards the $10K lows. He added that multiple crypto firms would mimic Bitcoin’s crash, closing business in the future.
Final Thought
Assessing Bitcoin’s chart shows the leading crypto revealed hurdle and support at $22.2K and $19K, respectively. However, the past few weeks saw BTC flipping the resistance to support before flying well past $24K. That triggered hope for lucrative days ahead.
The BBs show that BTC price could experience a crunch soon after exploring a massively volatile region, confirming a breakout towards either direction.
Though Bitcoin saw some notable milestones within the last few months, it might be early to guarantee continued upside. As Peter Schiff mentioned, CMF data indicated bears still exist in the marketplace.
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