Crypto News– Benjamin Cowen, the founder of Into The Cryptoverse, recently made an intriguing observation regarding the Bitcoin Dominance chart.
Positive Momentum in Bitcoin Dominance Chart Raises Expectations of Fresh All-Time Highs
He pointed out that historical breakouts on the Bitcoin Dominance daily chart typically involve a backtest of the trendline, followed by a substantial surge to new highs. Cowen finds this pattern to be notably compelling. Another user, identified as Zino, added an interesting dimension to this discussion. Zino noted that Bitcoin Dominance is so robust that it often skips retesting the breakouts when they occur.
In another development, on Thursday, September 14, Santiment, the market intelligence platform specializing in on-chain and social metrics, reported that Bitcoin had the highest Profit vs. Loss ratio in two months. The platform disclosed that the leading cryptocurrency continued to witness levels of unique wallet activity not seen in the past five months. Over this period, an average of 1.1 million wallet addresses were involved in sending and receiving Bitcoins daily. Furthermore, profit-taking by traders on the Bitcoin network reached a two-month high due to a recent 5% rally spanning three days.
Santiment also shared a screenshot demonstrating how the metric for active Bitcoin addresses has remained elevated since April. Additionally, it revealed that the recent price rebound encouraged many traders to cash out their Bitcoins with modest profits. This behavior might be driven by the current lower volatility in the Bitcoin market, leading traders to capitalize on every available rally, no matter how modest.