Bitcoin (BTC) reached a 38-day high of $68,560 last week, marking a 29% recovery since July 5th, and the latest edition of the “Bitfinex Alpha” reports that on-chain metrics for BTC are strong.

BTC recorded its first sequence of five consecutive green daily closes since early March, indicating a robust momentum shift. The market has absorbed the sell-off from the German government, which liquidated over 48,000 BTC.

Moreover, miner selling pressure, typically high after halvings, has decreased. The Miner Sustainability metric shows miners have returned to profitability for the first time in a month. The Miner Position Index has reached equilibrium, suggesting other forces now play a more substantial role in BTC price determination.

Notably, spot Bitc

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Author: Gino Matos

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