The price of Bitcoin has pulled back substantially since its yearly high at $14,149 a few days ago.
As Cointelegraph previously reported, the monthly chart shows Bitcoin is far above key moving averages.
In the past several months, despite the strong rally of Bitcoin, Google Trends activity has been low.
According to data from The Tie, the monthly tweet volume of Bitcoin in October only rose 7.8%. The lack of retail interest despite the price being at multi-year highs indicates BTC might be in an early bull market phase.
According to the Mayer Multiple, historical Bitcoin price cycles show the current BTC rally is not overheated.
The Mayer Multiple analyzes the price of Bitcoin based on its 200-day moving average, which evaluates its long-term price trend.
The hash rate of Bitcoin fell steeply in a short period.
The 30-day average hash rate over the past year shows the Bitcoin hash rate is still near its record high.
Based on HODL waves, which evaluate the trend of long-time Bitcoin holders, more investors are increasingly holding BTC for longer periods.
Investors have been steadily accumulating BTC. The increasing holding of BTC put together with strong fundamentals, favorable high time frame technical structure, and positive technical indicators have strengthened the overall market sentiment that may eventually trigger an even bigger rally for Bitcoin.
5 signs that the real Bitcoin rally may only be just beginning
Published on Nov 2, 2020
by Cointele | Published on Coinage
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