Home » Bitcoin » Bitcoin Bullish Signal: Transaction Activity Hits Highest Since April 2021

Data show that the average trading volume of BTC has risen to the highest since April 2021, indicating that the price of the asset is likely to rise.

BTC transactions are conducted at a rate of at least 309500 transactions per day

According to the latest Glassnode weekly, the number of transactions at this stage is much higher than this year's average. The relevant indicator here is "transaction count", which, to put it bluntly, takes into account daily transfers in the bitcoin block chain.

If the value of this indicator is large, it means that BTC is now engaged in a lot of transactions on the Internet. This trend shows that traders are very active in the market at this stage.

On the other hand, the relatively low value indicates that there are not many thematic activities on the Internet at this stage. This development trend can show that investors' common interest in digital currency is relatively low at the present stage.

Today, the following chart shows the trend of BTC transactions in recent years, as well as its 30-day, 365-day simple moving average system (SMA):

Bitcoin Transaction Count

The figure shows that the number of BTC transactions has been low over the past few months. This trend is not surprising, as investors are usually satisfied with the rebound seen by the property at this stage. Therefore, at this time, they can be deeply attracted by blockchain technology.

Interestingly, the recent level of the indicator is higher than that seen during the bull market in the second half of 2021. The 30-day SMA value of the index has now soared to 309500 trades a day, its highest level since April 2021, when the bull market rebound peaked in the first half of 2021.

Of all property life periods, only 627 days (equivalent to 12.2% of BTC's human history) have a relatively high number of daily transactions.

Generally speaking, the high transaction count value not only represents the high popularity value of the old customers, but also represents that the new customers have added the Internet. Because the value of this indicator has been very obvious recently, this should be a sign of a sharp increase in the choice of digital currency.

Long-term high trading volume can provide the basis for sustainable development for a long-term upward trend, as new customers enter the BTC chain and trade on the chain is the main reason to keep the BTC economic development volatile.

It is obvious from the data chart that the bull market in 2017, April 2019 and 2021 all have very high monthly summary averages, which shows that it is reasonable to combine this basic theory with practice.

Bitcoin market

At the time of writing, Bitcoin was trading at about $27800, up 14% last week.

Bitcoin Price Chart

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