- During the last bull rally, the price of BTC rose significantly, reaching above $35,000
- However, BTC market indicators have turned in favor of the bears in the recent past
Bitcoin [BTC] recently sparked excitement in the crypto community as it gained bullish momentum. Not only did the BTC price increase trigger a bull rally for the entire crypto market.
While that was happening, we entered the first month of the last quarter of 2023. As the month came to a close, Messari recently posted a report highlighting how the king of cryptos has performed during that period.
Read Bitcoins [BTC] Price prediction 2023-24
A look back at Bitcoin’s past month
Messari is recent report spoke about several key areas that remained a topic of discussion regarding Bitcoin over the past month. For example, BTC ETFs. The highly anticipated iShares Bitcoin Trust, a spot ETF from BlackRock, made its debut on the Depository Trust & Clearing Corporation website.
According to the report, this was a significant event as it was the first time a Bitcoin spot ETF was listed on DTCC. It therefore suggests that the adoption of spot ETFs is becoming increasingly likely. The aforementioned event acted as a major starter for a significant spike in the price of Bitcoin.
Source: Messari
Apart from this, the report also talked about the state of Bitcoin Ordinals. In contrast to the coin’s price, Ordinals took a hit this month as its metrics fell severely. This was evident from Dune’s data, which showed that the number of Ordinals inscriptions had dropped significantly since September 2023.
Source: Dune
According to Messari’s report, this decline can be attributed to a single BRC-20 token, SATS, which currently has a market capitalization of $38 million. SATS underwent a fair launch process that started in March and ended on September 24, the day the token’s maximum supply was reached.
Decoding Bitcoin’s Bull Rally
While all these developments were taking place, BTCThe company’s stock gained bullish momentum, allowing it to cross the $30,000 mark after a long run. In fact, the king did not stop there; it even managed to cross the $35,000 mark in recent days. At the time of writing, BTC was trade at $34,175.89 with a market cap of over $667 billion.
It is interesting to note that BTC volume remained low at the beginning of the month. However, things changed when the price rose as we can see an increase in the metric since then.
Thanks to the price increase, BTC price volatility also skyrocketed in the recent past. As for BTC’s presence in the social community, the chart showed that, after weeks of waiting, BTC’s social volume spiked just before the bull rally.
Source: Santiment
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While the recent price action has been bullish, it may not be long before that changes. For example, BTCThe Relative Strength Index (RSI) was in the overbought zone, which could increase selling pressure.
The price also touched the upper band of the Bollinger Bands. Moreover, Bitcoin’s Chaikin Money Flow (CMF) recorded a downtrend, which may cause a trend reversal in the coming days.
Source: TradingView