Bitcoin Price ($BTC) Will Soon Rise to New ATH, Here's Why?
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Bitcoin (BTC) has seen an interesting week in terms of price movements. It had a notable breakout, breaking through the $67k resistance area on May 20.
On May 23 and 24, Bitcoin retested this zone as support and bounced higher to trade at $69.1k at press time.
1. Social metrics and on-chain activity are weakening
Bitcoin's Social Volume has been gradually decreasing since March 11. Weighted Sentiment was largely in negative territory throughout May.
2.Demand for Bitcoin is high
In a post on X (formerly Twitter), crypto analyst Axel Adler pointed out that demand is hot. This conclusion is made based on the entity-adjusted transaction count index (number of transactions adjusted by entity).
