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Bitcoin: Intriguing Trend Spurs Daily 527,000 New BTC Addresses

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Sat, 9/09/2023 - 13:15
Bitcoin: Intriguing Trend Spurs Daily 527,000 New BTC Addresses
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Ali, a cryptocurrency analyst, points out an intriguing trend that is now taking place as Bitcoin oscillates below $26,000. He stated that roughly 527,000 new BTC addresses are created every day, setting a new yearly high.

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Ali cited Glassnode data to illustrate a spike in new addresses, which has been steadily increasing. The most obvious increase occurred between late August and early September when new addresses surpassed 510,000.

When compared to previous months, May saw Bitcoin average roughly 390,000 new addresses every day. This figure has risen, reaching a new yearly high of roughly 527,000.

According to the crypto analyst, this could indicate increased interest in BTC despite its lackluster trading action. Ali went on to say what this could mean for Bitcoin's long-term prospects: The growth in participation can be seen as a positive sign of sustained interest and trust in the network.

The Bitcoin network seems to be exuding a measure of positivity despite lagging prices. On-chain analytics firm IntoTheBlock reported that Bitcoin network fees jumped 38% in the week as Ordinals inscriptions reached their second-highest daily amount.

Bitcoin price action

Bitcoin remained below the $26,000 level on Saturday, rising modestly daily to $25,860 at press time. Bitcoin temporarily surpassed the $26,000 level in recent days, but bulls were unable to sustain the climb.

Bitcoin saw a significant sell-off in the previous week and has since persisted in dull trading.

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After trading slightly over $29,300 for several weeks, Bitcoin prices cascaded lower, ripping through numerous long-term moving averages, including the 111-day, 200-day and 200-week. Now below $26,000, Bitcoin has seen a significant loss of market support, and bulls now have their work cut out for them.

Although the loss of crucial technical moving average support might have put bulls on the defensive, there remains hope for a BTC price recovery.

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