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Bitcoin network activity “just snapped higher after months of decline,” reported CryptoQuant on Monday. The blockchain analytics provider’s index tracks addresses, transactions, UTXOs, and blockspace demand.

It noted that the daily Bitcoin transaction count is now around 615,000, which is the highest since November 2024. It added that this shift is happening while $BTCfees remain relatively low, “so part of this activity spike may be operational, not just organic demand.”

Low-fee environments make it cheaper for exchanges, custodians, and large holders to consolidate UTXOs, rebalance wallets, and reshuffle funds on-chain, stated CryptoQuant.

Bitcoin network activity just snapped higher after months of decline.

The CryptoQuant Network Activity Index is rebounding: tracking addresses, transactions, UTXOs, and blockspace demand.

What’s happening? Let’s dive in ?? pic.twitter.com/KXgOsTeF03

— CryptoQuant.com (@cryptoquant_com) April 6, 2026

Exchange Volumes Remain Low

So this uptick in activity may not be directly related to price action, which remains weak. Meanwhile, Glassnode reported on Monday that the recent breakout follows a period of compression and “signals a renewed attempt to challenge overhead resistance.”

However, declining exchange volume suggests participation remains relatively light, “pointing to a recovery that is constructive but not yet fully confirmed,” it added.

Santiment took a look at social sentiment, noting that the crowd believes that this rally is likely to continue, posting the third-highest “greed score” in around three months.

“With optimism high, remember that markets typically move opposite to the crowd’s expectations.”

At the time of writing, the crypto Fear & Greed Index had fallen back to “extreme fear” at 11, where it has been for the past couple of weeks.

Permabull ‘Sykodelic’ remained ever the optimist, commenting on Tuesday that Bitcoin has been putting together a “textbook high-time-frame expanded flat reversal pattern.”

“If we reclaim $74,400 on the weekly, the correction is over, and it very likely won’t look back again, whether or not it sweeps $60k,” they said.

$BTCPrice Outlook

Bitcoin tapped $70,000 in late trading on Monday before retreating to $68,500 during the Tuesday morning Asian trading session. $BTCremains stuck in a two-month range-bound channel, and geopolitical headlines, good or bad, seem to have very little impact on it.

Bitcoiner Scott Melker said if history is any guide, this sideways inactivity could easily stretch another hundred days, “or resolve lower and reset the entire process.”

“There’s no telling where the bottom will be, but the consensus still feels like it’s leaning lower – and if price follows, those expectations will just keep shifting down with it.”

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