Bitcoin Rises

 Bitcoin Rises Back to $68,000 Due to Increased Demand

 Rises Back to $68,000 

The price charts of Bitcoin have responded favorably, but social indicators point to certain flaws. May's strong demand for Bitcoin might soon push the price above its peak.

In terms of price volatility, Bitcoin [BTC] had an exciting week, culminating in a strong breakout that saw it surpass the $67,000 national high on May 20th. Bitcoin bounced back, 

testing the $66.3k–$66.6k region as support on May 23 and 24 before closing at $68.7k as of this writing. Given the rising demand for the top cryptocurrency, more gains appear expected.
 In an interview with Antony Pompliano, Jack Mallers, CEO of the blockchain-based payment system Strike, declared that "Bitcoin is the best thing you can own." On-chain activity and social indicators appear to be waning. 

Since March 11th, the social volume for Bitcoin has been steadily decreasing. May has seen a lot of negative sentiment, with just two brief upticks since the middle of the month. 
When together, these signs point to decreased participation on son social media 📥

Since the middle of March, daily activity has also been declining. 

On the other hand, there were notable increases in dormant circulation on April 18 and May 15, however they were not as high as those observed in March or late February. This shows that there hasn't been any notable movement of idle Bitcoin on-chain lately, suggesting that a huge selling wave hasn't happened yet. This indicates that selling pressure has decreased, which is a good indication.

Is demand for Bitcoin higher than ever⁉️

Adler added that the price of Bitcoin has increased from $300 to $69,100 since then.

 As such, the amount of capital invested has increased dramatically during the last eight years. Given the demand from institutional and individual investors as well as the waning selling pressure suggested by dormant circulation metrics, it appears likely that Bitcoin will cross the $71,400 mark once more.