Increased demand for Bitcoin signals market consolidation finale:

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After Bitcoin reached the $57,000 mark, we observed an increase in the average daily token transfer volume from $650K to $765K. This change coincides with Bitcoin's price stabilization within the local consolidation range of $57K-$68K.

Market Reaction: The increase in transfer volume is primarily due to panic selling by holders. Despite this, Bitcoin's price shows resilience, suggesting that the market has absorbed the selling pressure without significant declines.

Demand for "Once Expensive" Coins: The consistent price range during the increase in transfer volume indicates stable demand for Bitcoin, suggesting that investors are keen to acquire these once-expensive coins at what they now perceive as attractive prices.

Conclusions:

The observed increase in token transfer volume at the $57K level serves as an indicator of sustained demand for the coins. This demand points to a bullish outlook among many market participants. I believe we are approaching the final phase of market consolidation, which typically involves narrowing price movements and decreased volatility as the market agrees on Bitcoin's value.

PS: Thanks to other creators I was able to present this on chain data to you guys.