#BTC Market Demand

#Bitcoin has shown a positive response on the price charts, yet social metrics indicate some weaknesses. The high demand for Bitcoin in May could soon propel the price past its all-time high.

Bitcoin experienced a captivating week in terms of price volatility, with a dynamic breakout surpassing the domestic high of $67,000 on May 20th.

On May 23rd and 24th, Bitcoin retested the $66.3k-$66.6k range as support before rebounding higher, trading at $68.7k at the time of writing.

Further gains seem likely as demand for the leading cryptocurrency continues to rise.

Social volume for Bitcoin has gradually declined since March 11th. Sentiment has been predominantly negative throughout May, with only two positive spikes since mid-month. Together, these indicators suggest reduced engagement on social media.

Daily activity has also trended lower since mid-March. Conversely, dormant circulation saw significant spikes on April 18th and May 15th, although these did not match the levels seen in March or late February.

This reveals that there has recently been no significant movement of dormant Bitcoin on-chain, indicating that a major selling wave has yet to occur. This is a positive sign, emphasizing that selling pressure has diminished.