Onchain Switches Bullish: Surging Active Addresses
The uptrend seems to have gained momentum as evidenced by various key technicals. For one, Bitcoin’s active address count was hovering close to its previous all-time high seen in December 2017.
Increasing hash power securing the network
“Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you’re a spot investor, given the longer-range macro. There’s plenty of buy support below 10k, this is a buy the dip scenario.”
Bitcoin Daily Chart
The above daily chart exhibited an increase of 7.02%. The 50 DMA [Pink] appeared to be resisting an upward price movement to $11,280. However, the 100 DMA [Blue] formed a support price of $10,344. This essentially indicated that despite the persistent bearish pressure, BTC’s attempt to the coveted $11,000-level has not been overturned.
Additionally, the spike in RSI, in tandem with BTC’s price, above the 50 median line depicted a sentiment of rising buy pressure among the traders which could further propel the prices higher. If this materializes, BTC manages to surge beyond $11,000, it could target another key level of resistance at $11,803.
The post Bitcoin’s Active Address Count Nears ATH; Here’s What It Means appeared first on Coingape.