{"id":347272,"date":"2023-09-29T15:00:07","date_gmt":"2023-09-29T09:30:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=347272"},"modified":"2024-06-11T14:42:53","modified_gmt":"2024-06-11T09:12:53","slug":"all-eyes-on-bitcoin-as-q3-draws-to-a-close","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/all-eyes-on-bitcoin-as-q3-draws-to-a-close\/","title":{"rendered":"All eyes on Bitcoin as Q3 draws to a close\u00a0"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Bitcoin\u2019s average daily transaction count surged to 522,000 in September.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The reserve risk indicator suggested that BTC\u2019s price was at a market bottom.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Investors continued to keep a close watch on<\/span>\u00a0<span style=\"font-weight: 400;\">Bitcoin&#8217;s [BTC]<\/span> price, which<span style=\"font-weight: 400;\"> remained above the $26,000 mark at press time. Moreover, on 28 September, Messari posted an analysis that highlighted the king coin&#8217;s performance on multiple fronts over the last few weeks.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Check out our latest Bitcoin Brief covering all things BTC, including the latest out of Runes, Grayscale, and MicroStrategy. <a href=\"https:\/\/t.co\/GucLHkmpPg\">https:\/\/t.co\/GucLHkmpPg<\/a><\/p>\n<p>&mdash; Messari (@MessariCrypto) <a href=\"https:\/\/twitter.com\/MessariCrypto\/status\/1707412728426483755?ref_src=twsrc%5Etfw\">September 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h4><b>SEC and Bitcoin<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Messari\u2019s report began with highlights of the ETF and SEC episodes. For the uninitiated, a federal judge ordered the SEC to review Grayscale&#8217;s request for a spot Bitcoin ETF on 29 August. This incident caused<\/span> <a href=\"https:\/\/ambcrypto.com\/bitcoin-why-a-fall-in-btc-prices-seem-more-likely-now-than-a-rise\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price to move up as prospects of a Bitcoin spot ETF heightened. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price increase was, however, fleeting, as the price fell back to earlier levels in just two days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this happened, MicroStrategy, which is one of the largest BTC holders, increased its accumulation. According to an SEC filing submitted on 25 September, MicroStrategy stockpiled nearly 5,445 Bitcoin for $147 million, increasing the company\u2019s total BTC holding to 158,245 BTC.<\/span><\/p>\n<h4><b>Bitcoin\u2019s network activity is commendable<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Apart from the aforementioned updates, Messari\u2019s report also highlighted Bitcoin\u2019s network activity. For instance,<\/span> <a href=\"https:\/\/ambcrypto.com\/why-bitcoins-latest-milestone-could-do-little-to-support-btc-bulls\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> Ordinals, which gained much popularity right after its inception, continued to show strong upward momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last month, there have been 7.7 million Inscriptions on Bitcoin, which is a 20% increase from the previous month. In fact, Inscriptions also accounted for more than 20% of the total transaction fees for bitcoin in September, which looked encouraging.<\/span><\/p>\n<figure id=\"attachment_347273\" aria-describedby=\"caption-attachment-347273\" style=\"width: 1012px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-1.jpg\"><img decoding=\"async\" class=\"wp-image-347273 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-1.jpg\" alt=\"\" width=\"1012\" height=\"572\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-1.jpg 1012w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-1-300x170.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-1-768x434.jpg 768w\" sizes=\"(max-width: 1012px) 100vw, 1012px\" \/><\/a><figcaption id=\"caption-attachment-347273\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Messari\u2019s analysis revealed that between 2021 and 2022, Bitcoin transaction counts remained relatively stagnant. However, this changed with the emergence of Inscriptions in early 2023. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In September, the average daily transaction count surged to 522,000, which was a 12% increase compared to the previous month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, Bitcoin\u2019s active addresses experienced a breakthrough in September, surpassing the 1 million threshold. As per the report, the daily average count of active addresses reached 1.04 million, which was a 9% increase compared to August.<\/span><\/p>\n<figure id=\"attachment_347274\" aria-describedby=\"caption-attachment-347274\" style=\"width: 1038px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2.jpg\"><img decoding=\"async\" class=\"wp-image-347274 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2.jpg\" alt=\"\" width=\"1038\" height=\"573\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2.jpg 1038w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2-300x166.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2-1024x565.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Messari-BTC-2-768x424.jpg 768w\" sizes=\"(max-width: 1038px) 100vw, 1038px\" \/><\/a><figcaption id=\"caption-attachment-347274\" class=\"wp-caption-text\">Source: Messari<\/figcaption><\/figure>\n<h4><b>Should investors have high hopes for BTC?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Though several metrics registered upticks over the last month, the king of cryptos\u2019 price action remained relatively less volatile. As per<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC\u2019s price only increased by 1% in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, it was trading at $26,963.98 with a market capitalization of over $525 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Messari\u2019s analysis also included a look at<\/span> <a href=\"https:\/\/ambcrypto.com\/us-sec-delay-its-decision-on-spot-bitcoin-etfs-yet-again\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s reserve risk. The reserve risk indicator measures the confidence of long-term holders relative to the price of BTC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> At press time, the reserve risk lingered in proximity to critical historical levels, which have previously aligned with market bottoms.<\/span><\/p>\n<figure id=\"attachment_347275\" aria-describedby=\"caption-attachment-347275\" style=\"width: 997px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Glassnode-BTC.jpg\"><img decoding=\"async\" class=\"wp-image-347275 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Glassnode-BTC.jpg\" alt=\"\" width=\"997\" height=\"525\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Glassnode-BTC.jpg 997w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Glassnode-BTC-300x158.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Glassnode-BTC-768x404.jpg 768w\" sizes=\"(max-width: 997px) 100vw, 997px\" \/><\/a><figcaption id=\"caption-attachment-347275\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the<\/span> <a href=\"https:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Additionally, LunarCrush\u2019s<\/span> <a href=\"https:\/\/lunarcrush.com\/coins\/btc\/bitcoin?metric=bullish_sentiment\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that bullish sentiment around BTC also increased by more than 6% in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, considering the above-mentioned metrics and BTC\u2019s price nearly touching the $27,000 mark, investors might witness a bull rally in the days to follow.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s network activity, especially the contribution of Inscriptions, increased substantially over the last month.\u00a0As metrics show positive signs, will BTC rally?<\/p>\n","protected":false},"author":75,"featured_media":347276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-347272","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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