Bitcoin Network Shifts to Positive Bullish Signal for Investors

CoinWorld reported:
BTC rises to $70,000, reversing the network fundamentals 
Despite the possibility of short-term adjustments and consolidation, is this a bullish signal? 
Bitcoin [BTC]
Change in network fundamentals
Positive
In October, analysts first considered this as a positive signal for the midterm of the asset. 
According to CryptoQuant’s data
Positive
During a bull market, network indicators are a familiar trend, indicating positive results for the asset despite potential adjustments or consolidations. 
Following the recent rise to $70,000, the average number of active BTC addresses within 30 days has surged to the milestone of 1 million. It has reached the last level seen in June, indicating a great interest in the asset despite last week’s sell-off. 
What’s next for BTC’s rise?
The mining sector and network fees have also shown similar positive trends. Notably,
mining difficulty
has reached an all-time high, indicating intense competition among BTC miners and serving as a positive catalyst for BTC’s intrinsic value. 
Additionally, as of the time of writing, the difference between apparent demand or production and inventory plans for BTC has surged to a 6-month high of 256,000 BTC. In most cases, a surge in demand is often accompanied by an increase in BTC prices. 
Despite the aforementioned positive catalysts, analysts have mixed predictions for BTC’s price as the U.S. election approaches.
Blockworks analyst Felix Jauvin
cautions that BTC may face range restrictions before the election concludes. 
“No one wants to be a marginal buyer of risk here as the elections approach. It could just be a lot of money before the election concludes…”:
Another expert,
Justin Bennett
, echoes his cautious sentiment, citing a lack of interest from whales in capturing recent midweek drops. 
Since October 17, the Whale vs. Retail Delta, which tracks whales’ positioning relative to retail traders, has declined, indicating a reduction in whales’ exposure to BTC. 
Interestingly, options traders remain bullish, as seen from their increased purchases of call options (betting on BTC price increases) leading up to the election day.
In their daily update on October 22, trading firm QCP Capital
noted
that “short-term implied volatility peaks on election day, 10 trading volumes away from the previous expiry, and leans towards call options rather than put options, despite BTC being about 8% below its all-time high.”