Significant activity detected on the network, highlighting a critical shift in the market structure of Bitcoin. On November 23, the 30-day exponential moving average (EMA) of token volume (total) surged to 955K BTC. This is the highest level of network activity recorded since May 2024.
Critically, this surge in volume coincided perfectly with Bitcoin reaching a local price minimum of $84,000.
Analysis:
The surge in token transfers during price corrections is a classic indicator of high volatility and potential capitulation. This data indicates that a massive amount of Bitcoins has been moved in the network, likely representing panic selling or rushed sales on exchanges by market participants.
However, high volume at a price bottom is often a constructive signal. It indicates that intense selling pressure has met equal buying strength. This scenario typically represents a 'guard change,' where coins are transferred from weak hands (panic sellers) to strong hands (accumulators). Accordingly, the $84K level has been established as a high-demand zone, indicating that the market has successfully absorbed the shock and may be ready for recovery.
News is intended for reference only and not for investment advice. Please read carefully before making decisions.
