Bitcoin breaks records as lost coins awaken, miners double down

Key Points

1. Bitcoin's network hashrate has hit a new all-time high (ATH), surpassing 850 EH/s, indicating unprecedented miner confidence and growing network security.

2. Active supply of Bitcoin has grown by nearly 900,000 BTC since the approval of spot Bitcoin ETFs, with long-dormant wallets becoming active again.

3. Bitcoin's price is consolidating below $120K, with a daily RSI of 64 suggesting strong but not yet exhausted momentum, and steady OBV indicating consistent buying pressure.

4. The post-ETF era is reshaping Bitcoin dynamics, including shifts in on-chain behavior and market activity, with potential for further price increases if volume and RSI rise.

5. The article also mentions unrelated cryptocurrency news snippets, such as Pudgy Penguins denying OpenSea acquisition rumors and Tether's potential new stablecoin for Wall Street.