The price of Bitcoin (BTC) has risen above $65,000, and traders and experts are now asking if Swissblock’s Bitcoin Fundamental Index (BFI) was right when it said the price would rise. It was this cutting-edge tool that told people about the rise.
It is known for being able to connect basic Bitcoin network data with price changes. We got a sneak peek at what the crazy cryptocurrency market might do next.People who pay close attention to the BFI’s measures were not surprised when it said that the market would change.
It was clear that buyers were tired, and just before the rise, network growth sped up. It wasn’t likely to go down, so a bounce was on the way. Those who bought after seeing this sign had a good chance to make funds when the price went up.
Bitcoin’s On-Chain Transaction Surge
On-chain data showed an enormous surge in transactions worth more than $100,000, which was more proof of a bullish trend. Still, the market seemed fair because money kept coming into and going out of trades. There were about $8.3 billion in flows coming in and about $7.23 billion going out. This means that there was a good mix of selling to lock in gains and buying to keep the rally going.
The market was in a good mood because of the Federal Open Market Committee (FOMC) meeting being so exciting. Many investors put their money into the coin markets because they thought there would be a lot of currency moving around and maybe even some good rules. This helped Bitcoin go up even more.
Since the number of “whales” stayed low at 11%, the BFI showed that the recent change in price wasn’t just due to major buyers. This kept the market stable, which made it less likely that whales’ moves would make it more risky. The price of this thing didn’t change even though the market did. This is because its association number stayed at 1.
Bitcoin’s surge above $65,000 validated by Swissblock’s BFI, analyzing on-chain transaction surge and market sentiment post-FOMC meeting.
