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Bitcoin (BTC) asleep for up to a decade is waking up this week as BTC price action sees six-week highs.

Data from on-chain analytics firm Glassnode shows some of the oldest “dormant” bitcoins returning to circulation.

BTC trends out of hibernation

As BTC/USD stages something of a comeback in the second half of October, hodlers are changing their behavior after a year-long bear market.

According to Glassnode, the number of bitcoins previous stationary in their wallet for 7-10 years but not active again reached a one-month high on Oct. 29.

This is in fact the latest in a series of such highs, with the previous one seen on Oct. 1.

Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.

Dollar lurks as BTC price rebounds

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rebounded overnight to local highs of $21,078 on Bitstamp — enough to clinch new six-week highs.

The pair had seen a consolidatory phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.

The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more.

The end of the Wall Street trading week saw BTC price action follow United States equities, the S&P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.

Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.

Dollar lurks as BTC price rebounds

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rebounded overnight to local highs of $21,078 on Bitstamp — enough to clinch new six-week highs.

The pair had seen a consolidatory phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.

The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more.

The end of the Wall Street trading week saw BTC price action follow United States equities, the S&P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.

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Time to go long?

This week, Bitcoin’s (BTC) price has perked up, with a surge to $21,000 on Oct. 26. This led a handful of traders to proclaim that the bottom might be in or that BTC is entering the next phase of some technical structure like Wyckoff, a range break or some sort of support resistance flip.

Prior to getting all bullish and opening 10x longs, let’s dial back to a previous analysis to see if anything in Bitcoin’s market structure has changed and whether the recent spat of bullish momentum is indicative of a wider trend change.

When the last update was published on Sept. 30, Bitcoin was around $19,600, which is still within the bounds of the last 136 days of price action. At the time, I had identified bullish divergences on the weekly relative strength index (RSI) and moving average confluence divergence (MACD). There were also a handful of potential “bottoming” signals coming from multiple on-chain indicators, which were at multi-year lows.