Bitcoin’s (BTC) recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests many interested buyers (including whales) were left on the sidelines.
The recent rally to $25,000 shared many similarities with the 2019 bear market rally, which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low of $3,250. The BTC/USD pair recently rose 60% from its November 2022 low.
BTC/USD daily price chart with 200-day MA metric. Source: TradingViewComparing the time from the bottom to local top in 2019 and 2023. Source: Twitter
A stablecoin supply ratio oscillator is close to the 2019 top
Bitcoin’s stablecoin supply ratio (SSR) oscillator. Source: GlassnodeNumber of BTC addresses with balance more than or equal to 1,000. Source: Glassnode
Data highlights a crucial bull-bear pivotal point
7-day MA of Bitcoin’s adjusted SOPR indicator. Source: Glassnode
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