Bitcoin is a major cryptocurrency and is rightfully considered a game-changer in modern financial processes. At this moment, it is (very closely) approaching the $30,000 mark, bringing up a wave of excited anticipation. This is the highest level it has achieved since June of 2022, meaning that there is reason to celebrate. So what exactly is happening, both on and off the chain, to bring Bitcoin to such heights?

For one, Santiment - a crypto market intelligence platform - has observed a significant rise in social volume as well as social dominance. In terms of social volume, this refers to the number of text documents that mention the asset, including Reddit posts and telegram messages. On the other hand, social dominance is when the share of discussions in crypto media is dominated by Bitcoin. Both metrics have reached the highest levels in a year and are tied to the asset's rising price.

However, Santiment has enjoined members of the crypto community not to let the collective fervor overtake them, noting that this usually indicates a local top. Volume trading has also fallen off recently, raising concern that there is a divergence from the price. Looking more closely, Santiment noticed certain patterns where 'dormant coins' - bitcoin transaction outputs that have not moved in the last 5 years - have spiked at certain, predetermined levels. This has been doing from mid-March and a possible related cause could be linked to the CFTC's case against Binance or other crypto-related crackdowns.

The MVRV-Long/Short Difference metric also reveals an interesting situation. Long-term holders appear to now be showing greater unexploited profits in comparison to their short-term peers. This reverse indicates a pattern similar to 2019, which is a cause for positivity as it could hold the keys to a potential Bitcoin surge.

In conclusion, despite some pessimistic signs and a few reasons to approach the new $30,000 landmark with caution, there are also signs of optimism in the Bitcoin markets. With the crypto community now in a state of feverish anticipation, only time will tell if this enthusiasm will soon be uniquely rewarded.



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