Bitcoin's recovery journey saw a surge in whale transactions, hinting at a potential price rebound. Meanwhile, holders moved coins off exchanges, displaying confidence in future gains.
metric offered an insightful view of the cryptocurrency’s recovery journey, highlighted by a surge in activity. Despite a price decline, the whale transaction metric, encompassing transactions exceeding $1 million, experienced a significant spike on 11 June.
The chart vividly displayed a surge of nearly 1,000 whale transactions, marking the highest figure in over two months.As of this writing, this metric stood at 61. This spike signified a notable increase in substantialtransactions amid the ongoing decline. Although, the direction of these transactions remained ambiguous.
Furthermore, BTC’s transaction volume exhibited a more gradual yet discernible increase. Examining the transaction volume metric, there was a slight upward trend. At press time, the transaction volume surpassed the $3 billion mark. This escalation in transaction volume indicated that major stakeholders were actively moving assets as market polarization intensified.
However, if the price continues to rise, BTC has the potential to surpass this resistance level and advance further.
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