Bitcoin 90-Day Active Supply Soars to Pre-2017 Bull Run Level: Report

July 3, 2020 | By | Reply | 14 Readers More


A new report analyzing on-chain activity says that Bitcoin (BTC) is now due for a bullish phase based on supply movements.

Published by asset manager Stack Funds on July 2, the findings suggest that 90-day active supply is dictating bullish potential for BTC/USD.

BTC price to rise “sooner rather than later”

Publishing an accompanying chart for the metric, Stack argued that it has important implications for historical price behavior.

“The data provides an indication of two folds. Firstly, the 90d % of Bitcoin active supply has tapered over the past 3 years, from 36% to 17%, suggesting that investors’ time horizon has lengthened as Bitcoin are held over longer periods in their wallets,” the report states. 

“Secondly, prior to the 2017 and 2019 bull run, where Bitcoin hit $20,000 and $14,000 highs against the dollar, there was evidence of steep surges in the 90d %…

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