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Bitcoin (BTC) Breaks Massive Record Since LUNA Fall

Fri, 06/23/2023 - 12:30
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Arman Shirinyan
Finally, some of Bitcoin's metrics recover to pre-LUNA crash levels
Bitcoin (BTC) Breaks Massive Record Since LUNA Fall
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In the midst of market volatility, Bitcoin (BTC) has managed to break a substantial record. For the first time since the fall of Terra (LUNA), the monthly transfer volume of Bitcoin has exceeded its yearly average baseline. This significant development suggests a resurgence in on-chain activity, indicative of strengthening network fundamentals and growing utilization of the network.

Bitcoin has been on an upward trajectory, having recently surpassed the critical $30,000 price threshold. This trend is noteworthy given that the $30,000 mark is considered a key psychological level for investors and traders. If Bitcoin successfully maintains this level, it could inspire renewed confidence and potentially drive further price appreciation.

However, the outlook is not without potential pitfalls. The Swissblock signals, an array of analytical tools, highlight that the support at the $30,000 level is somewhat tenuous and not significantly robust. If the price of Bitcoin were to fall below this level, we could witness a retest of the $27,000 support level.

This retest would be a decisive moment for the leading cryptocurrency. If Bitcoin is unable to maintain the $27,000 support level, it could fall into a market gap characterized by low on-chain and trading volumes. This could introduce a bearish period for Bitcoin, at least in the short term.

BTC, ETH, XRP, ADA, BNB and MATIC Price Analysis for June 22

At the same time, it is essential to consider that the on-chain metrics, such as the Bitcoin monthly transfer volume, demonstrate an upward trend. This means the fundamentals of the network are improving. Increased on-chain activity is usually a bullish sign, suggesting more users are utilizing the network, thus potentially creating upward price pressure.

However, the overall sentiment of the market remains the decisive factor here.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.