CryptoOnchain based this report on the Transaction Count metric, which tracks the number of confirmed transactions on a blockchain network (Bitcoin, in this case) at a given time.\u00a0According to the analyst, the 14-day Simple Moving Average (SMA-14) of the cryptocurrency\u2019s transaction count surged to as high as 540,000, marking a peak level for the year 2025.\u00a0<\/p>\n
As highlighted by CryptOnchain, a surge in a network’s transaction count typically suggests a significant increase in the fundamental demand and network usage. The pundit also explained that this demand may have been amplified by protocols such as Bitcoin Ordinals and Runes.<\/p>\n
Network Demand Meets Bullish Momentum\u00a0<\/b><\/h2>\n
According to CryptoOnchain, the notable thing about this on-chain development is the bullish convergence between the metric and Bitcoin’s price since July.<\/p>\n
The online pundit pointed out that, unlike previous periods of divergence, the current broader price rally is supported by a spike in network activity. Because of this aforementioned \u201cbullish convergence\u201d, the credibility of an uptrend can be further strengthened, as it is not just a result of pure speculation.\u00a0<\/p>\n
If anything is to be expected in the days to come, it is that Bitcoin’s price action will reflect a strong bullish momentum. With important advice as a parting note, CryptoOnchain explained that further price momentum hinges on the sustenance of the currently high on-chain activity. As a result, the on-chain activity should be closely watched when making decisions in the market.<\/p>\n
As of this writing, Bitcoin is valued at about $115,744, reflecting an over 1% decline in the past 24 hours. While the market leader seems to be under a slight bearish pressure, a broader look shows that BTC is only stuck in a consolidation range. According to data from CoinGecko, the flagship cryptocurrency has barely changed in the past week.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of Bitcoin has had a mixed performance over the past week, falling beneath the $115,000 mark at the start of the period. While the premier cryptocurrency made a play for $118,000 following the Federal Reserve’s decision to cut interest rates, the BTC price is now back to around where it started the week.…<\/p>\n","protected":false},"author":1,"featured_media":7150,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[22,28,29,3408,34,36],"class_list":["post-7149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-transaction","tag-btc-price","tag-btcusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/7149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=7149"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/7149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/7150"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=7149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=7149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=7149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}