CryptoOnchain
Bitcoin Network Activity Hits 2025 High: A Bullish Signal for Price?
The 14-day Simple Moving Average (SMA-14) of Bitcoin’s transaction count has surged to a 2025 high of 540,000. This spike indicates a significant increase in fundamental demand and network usage, likely amplified by protocols such as Ordinals and Runes. The key insight is the Bullish Convergence between this metric and the price since July. Unlike previous periods of divergence, the current price rally is supported by a tangible rise in real network activity. This strongly enhances the credibility of the uptrend, suggesting the rally is not purely speculative but has a solid foundation in network utilization. This convergence is a powerful bullish signal. Sustaining this high level of on-chain activity will be a critical factor to watch for the continuation of the upward price momentum.