Bitcoin Surges Past $86K with Limited Selling Pressure
Bitcoin's surge has been met with limited selling pressure according to recent data from Bitfinex.
The aSOPR (Adjusted Spending Output Per Receiver) metric for Bitcoin currently sits at 1.01, indicating that buyers are dominating the market.
As of July, Bitcoin was trading below $58,000 but has since risen to over $86,400, surpassing its July peak.
This milestone marks the first time in 45 weeks that Bitcoin has closed above its 50-week moving average.