- During the latest bull rally, BTC’s price went up substantially, even crossing $35,000
- However, BTC’s market indicators turned in the bears’ favor in the recent past
Bitcoin [BTC] recently sparked excitement in the crypto community as it gained bullish momentum. Not only did BTC’s price surge, but it also led the entire crypto market to kickstart a bull rally.
While that happened, we entered the first month of the concluding quarter of 2023. As the month comes to a close, Messari recently posted a report highlighting how the king of cryptos has performed during that period.
Read Bitcoin’s [BTC] Price Prediction 2023-24
A look back at Bitcoin’s previous month
Messari’s recent report talked about several key areas that remained a topic of discussion related to Bitcoin over the last month. For instance, BTC ETFs. The highly anticipated iShares Bitcoin Trust, a spot ETF by BlackRock, made its debut on the Depository Trust & Clearing Corporation website.
As per the report, this was a significant event because it was the first time a Bitcoin spot ETF had been listed on DTCC. Therefore, it suggests that spot ETF approval is becoming more likely. The aforementioned event acted as a key starter for a significant spike in the price of Bitcoin.
Apart from this, the report also talked about the state of Bitcoin Ordinals. Unlike the coin’s price, this month Ordinals took a blow as its stats declined severely. This was evident from Dune’s data, which revealed that the number of Ordinals inscriptions had dropped substantially since September 2023.
As per Messari’s report, this decline can be attributed to a single BRC-20 token, SATS, which currently boasts a market cap of $38 million. SATS underwent a fair launch minting process that began in March and ended on September 24, the day the token’s maximum quantity was reached.
Decoding Bitcoin’s bull rally
While all these developments happened, BTC’s price gained bullish momentum, allowing it to cross the $30,000 mark after a long duration. In fact, the king didn’t stop there; it even managed to breach the $35,000 mark for some time in recent days. At the time of writing, BTC was trading at $34,175.89 with a market capitalization of over $667 billion.
It is interesting to note that during the beginning of the month, BTC’s volume remained low. However, things changed when its price went up, as we can see a hike in the metric since then.
Thanks to the price uptick, BTC’s one-week price volatility also shot up in the recent past. Mentioning BTC’s presence in the social community, it was evident from the chart that, after a weeks-long wait, BTC’s social volume spiked right before its bull rally.
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Though the recent price action was bullish, things might not take much time to change. For instance, BTC’s Relative Strength Index (RSI) was in the overbought zone, which can increase selling pressure.
Its price also touched the upper band on the Bollinger Bands. On top of that, Bitcoin’s Chaikin Money Flow (CMF) registered a downtick, which can cause a trend reversal in the days to follow.