Multiple onchain metrics showed a surge in activity as Bitcoin price rallied to $68,000, possibly signaling that the price momentum is sustainable.
Bitcoin (BTC) price registered another monthly high at $68,400 on Oct. 16, forming a new higher-high pattern( HH3) in the markets. BTC swiftly registered a new weekly high after a sharp hourly correction of 3.41% on Oct. 15. Alongside price, BTC’s on-chain data is also demonstrating a positive improvement, with active addresses indicating a positive shift in market demand and user activity.
Bitcoin 1-day chart. Source: Trading View
As prices oscillate near the $70,000 level, analysts are addressing a key price range that may lead to a short-term correction or disrupt a six-month downtrend.
