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Strong Fundamentals Push Bitcoin to New Yearly High

Bitcoin had its highest monthly close since 2018, reigniting optimism that it could break previous all-time highs.

Strong Fundamentals Push Bitcoin to New Yearly High

Key Takeaways

  • Bitcoin recorded its highest weekly closing of $13,045 on Coinbase since January 2018.
  • There are over 20,000 BTC addresses worth more than a million dollars.
  • The current bull run is driven by institutional interest rather than retail hype.

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Bitcoin’s weekly chart posted a clean breakout above resistance with a 13.1% rise in prices the week ending Oct. 25. Since then, BTC has continued to rise to a new yearly high above $13,500.

Bitcoin US dollar Coinbase chart on TradingView
BTC/USD weekly chart on Coinbase. Source: Trading View

Retail Bitcoin Buyers Still Silent in Current Move

With the increase in cryptocurrency prices, over 20,000 Bitcoin addresses are now worth over a million dollars. At $13,500 apiece, this equates to an address holding about 74 BTC.

The number of Bitcoin addresses with more than 1,000 BTC made a new all-time high of over 2,200. This number is 30% greater than the 2017 bull market, which was primarily driven by retail hype.

Bitcoin address balance greater than 1,000 BTC
Number of Bitcoin addresses with a balance greater or equal to 1,000 BTC. Source: Twitter

Google Trends data on the keyword “Bitcoin” reveals that retail interest is nearly half its 2019 levels, when BTC last touched $13,000, and far from its peak in 2017. Few searches for the leading cryptocurrency could be a positive signal since retail euphoria is typically an indicator of a bubble.

Google Trends for "Bitcoin" keyword chart
Google search volume for ‘Bitcoin’ Source: Google Trend

To add to the breakout’s credibility, BTC may have its highest monthly close since December 2017⁠⁠, when BTC was trading at $13,880. Institutional backing could mean that this bull run could have more strength than the previous two attempts to break all-time highs.

Bitcoin is changing hands at $13,580 at press time, with prices up 2.9% since the weekly close.

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