Bitcoin's address activity has surged to its highest level in 3.5 months in August, indicating a strong likelihood of a short-term price bounce for BTC. Despite consolidating around $29,000 levels, the cryptocurrency has shown some price swings this week. Long-term Bitcoin holders continue to hold with diamond hands, with 55% of the circulating supply remaining unmoved over the past two years.
Additionally, Bitcoin whales have continued to accumulate since May 2023, collectively owning 11.5M BTC, making up over half of the total existing supply. The technical setup for Bitcoin also appears to be quite bullish at this stage.
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