Bitcoin’s Active Supply Hits 19 Month Low — Is It Bullish or Bearish?
Cointelegraph
Published Jul 17, 2020 07:36AM ET
Updated Jul 18, 2020 09:40AM ET
Bitcoin’s (BTC) active supply has hit a 19-month low of just over one million Bitcoin. This could signal a potential strong price increase if it plays out in line with the findings of a report from asset manager Stack Funds earlier this month.
The active supply saw a sharp increase earlier this year with a 16% increase in less than three weeks to over 1.3 million Bitcoin. Looking at the 90-day moving average over the last three years, this pattern of a sharp increase followed by an almost equal pull back was seen twice before, both right before a strong price increase.
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Written By: Cointelegraph
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