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Ultra Bullish Divergence Found in Important Bitcoin (BTC) Index

Sun, 09/17/2023 - 14:20
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Gamza Khanzadaev
Amid Bitcoin's price stability around $26,000, intriguing surge in new BTC addresses may catch attention of crypto enthusiasts
Ultra Bullish Divergence Found in Important Bitcoin (BTC) Index
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Crypto analyst Ali Martinez's recent tweet has brought attention to a notable trend in Bitcoin (BTC). Despite Bitcoin's price holding steady around $26,000, there has been a surprising surge in new BTC addresses. This development is being viewed as a significant bullish divergence from an on-chain perspective.

One of the indicators highlighting this bullish trend is the record number of addresses now holding 0.1 or more Bitcoin, which has reached an all-time high of 4,487,486. Additionally, the number of non-zero Bitcoin addresses has also hit a historic peak of 49,138,848. These statistics suggest growing interest and participation among investors in the Bitcoin market, even in the midst of price perturbation.

Bitcoin on the Brink as Death Cross Looms

In the midst of these developments, some market analysts are discussing the possibility of a "death cross". Drawing from historical data, they note that previous bear markets witnessed a market decline following the crossover of the 50 and 200 moving averages (MA). However, it is crucial to consider this factor in conjunction with other market dynamics, as cryptocurrencies are influenced by a range of factors.

In other news

However, as the crypto community closely follows these developments, another crucial event is on the horizon. The Federal Reserve is scheduled to hold a pivotal meeting on Sept. 20. The prevailing sentiment in the market strongly leans toward an expected "pause" in their decision, with a staggering 97% of market participants anticipating this outcome.

CZ Addresses FUD After Binance.US Boss Quits, Shares What Will Save Binance in This Bear Market

Meanwhile, FTX has made headlines by seeking authorization to sell a substantial $3.4 billion worth of cryptocurrency assets, at a rate of $200 million per week. Concurrently, regulatory concerns persist, with the SEC accusing Binance.US of violating securities laws, raising concerns about the safety of U.S. citizens' assets on the platform.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.