Image default

Bitcoin [BTC] strikes careful balance with the ascent of these two metrics

  • Bitcoin’s total address count has been on an incline recently
  • Supply on exchanges has also appreciated, with BTC’s price breaching its January highs

Bitcoin’s [BTC] meteoric ascent has allowed it to re-visit and even break beyond its January high on the price front. In fact, the king coin has been more volatile than usual due to its ups and downs on the charts. Nonetheless, the aforementioned uncertainty has not deterred new investors from becoming holders in this market. 

Read Bitcoin (BTC) Price Prediction 2023-24

More Bitcoin addresses pop up

The number of addresses that have flocked to Bitcoin [BTC] over the past two months has risen, according to data from Santiment. Over the last two months alone, an additional 1.7 million addresses have been added – A hike of about 4%. 

In fact, the total number of addresses had climbed to 45.19M, at the time of writing. 

What these observations reveal is that the crypto’s price volatility did not exactly deter new investors from acquiring a position in Bitcoin.

Source: Santiment

Bitcoin bounces back on the daily timeframe

After a brief bout of volatility which saw BTC oscillate over and under the $25,000-level, at the time of writing, Bitcoin was trading at $26,057. This, after the world’s largest cryptocurrency appreciated by almost 30% in the last 6 days alone. 

Source: BTC/USD, TradingView

The aforementioned bullishness was evidenced by BTC’s price charts on the daily timeframe. Both the Relative Strength Index and the MACD projected an uptrend, one supported by the placement of the Moving Average too.

Here, it’s worth noting that the RSI had a reading of 67 at press time. Simply put, the RSI was on its way to the overbought zone – A sign of the market’s bullishness.

More Bitcoin hits exchanges

While the price and quantity of Bitcoin addresses have increased recently, the supply on exchanges has also increased over the past few days. In the last five days alone, around 50,000 BTC or $1.2 billion have been put into well-known crypto exchange wallets, according to Alicharts

Consider this – At the time of writing, Santiment’s data revealed that 1.3 million BTCs were available on exchanges.

Source: Santiment

How much are 1,10,100 BTCs worth today

The increase in supply on exchanges is a sign that there is liquidity available. The availability of liquidity may be advantageous as the number of Bitcoin addresses grows. However, BTC’s value will fall if the scales tilt and there is more supply than demand. 

If the current equilibrium maintains itself, it might aid BTC’s ascent and help it build a more robust support base between $25,000 and $26,000. 

Source link

Related posts

Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS – Africa Bitcoin News

Melodie Denning

Ripple CEO Warns of Harm to Crypto Industry if SEC Wins Lawsuit Over XRP – Regulation Bitcoin News

Melodie Denning

Alameda Research Sues Grayscale Investments Seeking to Unlock Billions in Value for Shareholders – Bitcoin News

Melodie Denning

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy