Evaluate If Bitcoin [BTC] Will Be A Good “August Visitor”

Bitcoin [BTC] posted the most profits in July, making 17% for its investors. The crypto king recorded a six-week high the same month when it hit $24,500. The last time BTC performed this exceptionally was in October 2021.

Beyond these records, BTC has achieved another incredible milestone. According to Glassnode, the number of addresses with profits hit a new high in thirty days. The on-chain data platform recorded the last landmark at 25,925,854.30.

So the price increase in July not only translated into profits, but more profits for more investors. Interestingly, it didn’t stop there, as it seems investors have regained their confidence in the Bitcoin momentum.

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At the start of August, it looked like BTC investors were looking forward to another month full of upside despite BTC returning to $23,000 at press time.

According CryptoQuant, exchange deposit addresses increased on all exchanges at the end of July. As of July 30, it was 19,126. On the last day of the month, it had risen to 58,670 before rising to 67,966 on August 2.

However, the pump appears to have fallen, registering only a 0.98% rise in the past 24 hours. Still, that hasn’t deterred the number of investors with deep reservoir pockets.

This is because Glassnode made a record huge increasing addresses with 100 BTC and 10,000 BTC.

At press time, addresses with 100 BTC had jumped at 15,844. The same happened with those holding 10,000 BTC, as they rose to 102, another high in more than two months.

Calm down

While these records may have helped regain the confidence of BTC investors, it may be too early to conclude. According to a Glassnode report released on August 1, BTC’s bear market sentiment may not be over.

The report pointed to weak demand on Bitcoin network activity as a reason to watch out for its supposed uptrend momentum.

He also noted that the coin’s current oversold conditions could pose a risk in its quest for a slight upside. The report stated,

“However, below the surface, on-chain transactional demand remains lackluster at best, and this rally has yet to see a proven follow-up of observable demand activity. The net result is that Bitcoin blocks are partly empty”

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