Bitcoin [BTC] has made major moves on the price chart after breaking through the $22,000 resistance on the daily chart. As of 12 September, the crypto king breached this zone and has been holding it steadily.
This is also the first time that Bitcoin broke past $22k in three weeks. Meanwhile, Bitcoin’s ratio of transactions in profit vs. loss has reached its highest point since March 2022 according to Santiment.
Source: Santiment
According to CoinMarketCap, BTC was trading at $22,310 at press time after a 1.25% surge in the past 24 hours. This puts Bitcoin in a strong position to end the week in the green zone. The coin was also aided by a rise in transaction volume which jumped over 15% on the daily chart.
It appears this “mild bounce” has led to a trigger in demand for Bitcoin again. As trader profitability increases, the coins become attractive to traders again. This was also shown in a recent Glassnode tweet which claimed that the number of transactions (BTC) has reached a three-month high of 10,858.
Source: Glassnode
A social hero as well
Bitcoin has also been denoted as the “Coin of the Day” on LunarCrush. The following tweet claimed that Bitcoin has recorded a “positive price action and increasing social activity” to merit its victory.
Not to forget, social activity remains a major component of bullish momentum.
With positive price action and increasing social activity, #Bitcoin is Coin of the Day on #LunarCrush!
? Galaxy Score™ 48/100
? AltRank™ 15/3871
? Price $22,227.61 +2.57%View real-time Bitcoin $BTC metrics at https://t.co/ei2IG13Qvg pic.twitter.com/yzMOdblHtk
— LunarCrush (@LunarCrush) September 12, 2022
More news coming
Furthermore, Bitcoin is also expected to take over the dominance by volume metric from Ethereum [ETH] soon. Ethereum has led the crypto bear market for almost two months considering the Merge situation.
But a turnaround is expected once the Merge excitement calms down. This could pave the way for Bitcoin to claim the top spot on the metric once again.
For now, the Bitcoin community can wait until the Merge and relish the mild price bounce on the price charts.
