Crypto Industry News:
Bitcoin network transfer volume can help measure the current level of network activity and provide a better understanding of the value of the cryptocurrency king network in both BTC and USD.
To measure the total volume dimension, unit-specific Glassnode indicators can be used, which use advanced heuristics to determine and exclude a transfer volume across addresses of the same party.
Using the 30-day average transfer volume in BTC, the network reached a three-year high of 318,830 bitcoins (at its peak in early October). This means more money is circulating on the Bitcoin network than ever before. The volume has since dropped to around 275,000 bitcoins per day. However, along with the increase in prices, the total transfer volume in USD throughout October remained at the level of USD 15 billion sent over the network (daily).
Technical Market Outlook
The BTC/USD pair has been seen developing the corrective cycle in wave 4, that now is becoming more complex and time-consuming. The market made a local low at the level of $60,218 during an increased volatility period. The next target for bulls is seen at the level of $64,920 and $66,970 (ATH). On the other hand, the first Fibonacci retracement level, the 38% level, is seen at $56,934. The larger time frame trend remains up.
Weekly Pivot Points:
WR3 - $70,127
WR2 - $66,705
WR1 - $64,387
Weekly Pivot - $60,937
WS1 - $58,287
WS2 - $54,685
WS3 - $52,480
Trading Outlook:
According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $66,974 (the previous ATH level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).