Bitcoin’s price has experienced some volatility over the last week. It began below $115,000. While the leading digital currency briefly pushed towards $118,000 following the Federal Reserve’s interest rate cut announcement, Bitcoin’s value has generally returned to its starting point for the week. However, recent data from the blockchain suggests a stronger price surge could be approaching.
Increased Activity on the Bitcoin Blockchain
In a report shared on CryptoQuant, market analyst CryptoOnchain highlighted a significant increase in Bitcoin network activity. The analyst suggested that this rise in blockchain activity could have a positive impact on the price trend of the most valuable cryptocurrency.
CryptoOnchain’s analysis is based on the Transaction Count, which measures the number of confirmed transactions on the Bitcoin blockchain at any given time. According to their findings, the 14-day Simple Moving Average (SMA-14) of Bitcoin’s transaction count has climbed to 540,000, representing a peak for the year 2025.
As emphasized by CryptoOnchain, an increase in transaction volume typically signals a growth in underlying demand and overall usage of the network. The analyst also pointed out that protocols such as Bitcoin Ordinals and Runes might have contributed to this increased demand.
Strong Demand Supports Potential Growth
According to CryptoOnchain, what makes this on-chain activity particularly noteworthy is the bullish alignment between the transaction count and Bitcoin’s price that has been observed since July.
The analyst noted that, unlike past periods where price and activity diverged, the current price increase is being driven by genuine network usage. This “bullish alignment” strengthens the validity of the upward trend, suggesting it’s not simply fueled by market speculation.
In the coming days, we can expect Bitcoin’s price to reflect strong upward momentum. CryptoOnchain advises monitoring the high levels of on-chain activity to make informed market decisions, stating that continued price appreciation depends on maintaining current transaction volumes.
Currently, Bitcoin is trading around $115,744, down a little over 1% in the last 24 hours. Although there is some short-term downward pressure, a broader view suggests Bitcoin is in a consolidation phase. Data from CoinGecko shows the cryptocurrency has seen very little overall change in value over the last week.