Bitcoin Network Volume Echoes Mid-2021 ‘Stable Equilibrium’ – Is A Big Move Brewing?
Bitcoin (BTC) has stabilized between $100,000 and $110,000 after rebounding from a low of around $75,000 in April. The network volume, a measure of BTC transferred across the blockchain, indicates a state of 'stable equilibrium,' similar to mid-2021 before a significant price movement. Current average network volume is approximately $58.7 billion, down from a peak of $67 billion when BTC reached $110,000. Historically, average volumes near $80 billion have coincided with price peaks, while lower volumes around $40 billion have led to short-term pullbacks. The current volume reading suggests consolidation. Additionally, the BTC short-term holder floor is rising, providing support at around $98,000, but increasing selling pressure from miners and long-term holders introduces uncertainty. BTC is trading at $106,528, down 0.9% in the last 24 hours.
