The number of Bitcoin receiving addresses has reached a new high in a month. Market indicators are also optimistic about BTC, indicating that prices will further increase
The number of Bitcoin receiving addresses has reached a new high in a month. Market indicators are also optimistic about BTC, indicating that prices will further increase.
- Bitcoin prices have risen by over 2% in the past 7 days
- The number of open positions has also increased, increasing the opportunity for a sustained upward trend
The price of Bitcoin [BTC] has once again fallen below this level after breaking through $28000. As of the time of publication, its trading price was slightly below $28000. However, the latest data indicates that Bitcoin prices may experience high volatility in the coming days.
Bitcoin's weekly chart is green
According to CoinMarketCap data, after several weeks of sideways consolidation, BTC's weekly chart shows an increase. The price of this token has increased by over 2% in the past 7 days.
At the time of writing, its trading price was $2799406 and its market value exceeded $542 billion. In addition, Glassnode recently posted a tweet suggesting that the price volatility of BTC may further increase in the coming days.
According to this tweet, the BTC market seems increasingly prepared to break away from the current balance. The balance of BTC on all exchanges is negative, indicating that investors are buying BTC.
Therefore, the possibility of BTC launching a new bull market rebound soon is high. Not only that, the total number of BTC receiving addresses has also reached a new high in a month, which is bullish.
Should investors expect another surge?
Looking at BTC's daily chart provides a positive concept, as most market indicators are favorable for bulls. For example, the Index Moving Average (EMA) band displays bullish crosses.
The Moving Average Convergence Divergence (MACD) also indicates that bulls are ahead of bears in the market. The relative strength index (RSI) of BTC has risen and further rose from the neutral region. The Money Flow Index (MFI) is also following the same trend of increase.
In addition, BTC's Chaikin Capital Flow (CMF) has also increased, further indicating that BTC's prices may rise in the coming days. However, the Bollinger band indicates that BTC is in a less volatile region, which may be a concern.
Indicators are favorable for the status of gold coins
According to CryptoQuant, Bitcoin's foreign exchange reserves are decreasing, indicating that the token is not facing selling pressure. The active address is also very high, which can generally be seen as a positive signal. In addition, the binary CDD of BTC is green. This indicates that the movements of long-term holders over the past 7 days have been below average.
In addition, BTC's holdings are also increasing. Considering the positive weekly price trend of BTC, the increase in holdings means that the price trend may continue for a longer period of time. In addition, BTC's financing interest rate is also very high, reflecting its demand for the derivatives market.
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