Bitcoin dips, but on-chain data hints at a potential bull run.

Bitcoin briefly dropped below $27,000, hitting a low of $26,940 after failing to surpass resistance at $27,393. Earlier, it reached $27,500 on news of Nomura’s Bitcoin adoption fund for institutions.

On-chain data from Santiment shows increased Bitcoin activity since April, especially above $27,000. There’s also a rise in dormant Bitcoin movement, indicating wallet activity when prices exceed $27,000.

In September, daily active Bitcoin addresses averaged 1.1 million, the highest since April, suggesting improved network usage.

Analysts suggest this growing on-chain activity might signal a return of the Bitcoin bull run. Currently, it hovers around $27,062, down 0.62%.