Bitcoin’s on-chain activity has surged to levels last seen in December, potentially signaling a major shift in market sentiment.
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Data from Glassnode shows that active Bitcoin addresses soared past 912,300 on February 28, marking a three-month high.
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According to crypto analytics firm IntoTheBlock, this spike in network activity could indicate a critical market moment, as historical patterns suggest that sharp increases in on-chain transactions often coincide with major price tops and bottoms.
The firm noted that while no single metric guarantees a reversal, the trend suggests Bitcoin may be nearing a crucial turning point.
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In market terms, capitulation occurs when widespread panic selling drives prices down sharply before setting the stage for a rebound. And without any delay, the crypto market surged and it appears that bullish reversal is already happening.
The price of Bitcoin just rebounded to over $94,000 after Donald Trump announced the creation of a national crypto reserve, with BTC being at the center of it.
