Bitcoin Retakes May Highs With Spike In On-Chain Activity, Next Target $60K?

Anyone paying attention to Bitcoin in the past months will notice a subtle, but importance change in its fundamentals. As BTC’s price made its way back to May’s high, just before the first capitulation event, there was an uptick in on-chain activity. Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k Unlike the sell-off period that occurred from May to end of July 2021, there was an increase in Bitcoin transactions. This rise led to an increment in network fees, as shown by explorer Mempool.space. At the time of writing, a high priority Bitcoin transaction needs to pay a 20 sat/vB to be included in the blockchain, one of the highest fees in the past month. Conversely, BTC trades at $57,632 with a 19.3% profit in the daily chart. Although the Bitcoin network is still far from the levels of activity experienced during its price peaked, the uptick is significant and could point towards a sustain rally by end of 2021. According to a recent report by Glassnode, the boost in network activity suggest fresh demand for Bitcoin could arrive to the market in Q4. The research firm records a 19% grown in individual participants on-chain during the past 7-days. Related Reading | TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet This metric stands at 291,000 active entities per day. Glassnode noted the following on what this could mean for BTC: This value is on par...