Ethereum

Cardano

Bitcoin

After a positive upward run, the overall cryptocurrency market is struggling to gain momentum, as evidenced by the movement of Bitcoin. According to a recent report from Glassnode, an on-chain analytics firm, Bitcoin may face challenges in sustaining its move to $44,000. BTC price drops with new address fall 
This is occurring due to a significant drop in the growth of the Bitcoin network and the number of new Bitcoin addresses. Experts suggest that we may only experience a bull run once these new Bitcoin addresses demonstrate strength, as they play a crucial role in maintaining Bitcoin’s bullish momentum. This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter). Source: Glassnode (X) 
The chart of BTC price and the number of active addresses reveals a sudden decline in active addresses, possibly due to profit booking. According to data since October 30, 2023, there has been a continuous fall in the number of addresses in the Bitcoin network. 
This decreasing trend in Bitcoin addresses is also reflected in the price of BTC, which has slipped below the key supply zone ranging from $41,200 to $42,400. This zone is where short-term BTC holders typically book their profits. However, data from the on-chain analytics firm IntoTheBlock indicates that over 1.8 million addresses had accumulated a significant 730,000 BTC at this level. 
The slow downturn in Bitcoin might trigger these BTC holders to sell their holdings to cut losses. Additionally, if selling pressure continues, there may be a breakdown of a strong demand zone at $40,800 to $40,500. In such a scenario, BTC could experience a short price decline to $38,000, a level where 1.3 million addresses hold over 500,000 BTC. Can BTC regain the $44,000 price?&nbsp; 
As of now, the overall cryptocurrency market has dropped by 2%, with top cryptocurrencies like Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA), and others showing bearish momentum. In the last 24 hours, crypto traders worldwide have experienced a massive liquidation of $244 million. 
According to data and expert technical analysis, maintaining bullishness in BTC requires the Bitcoin network to attract more new addresses and sustain a level above $40,900. Furthermore, the upcoming weeks are crucial, as the<a href="https://news.todayq.com/sec-chair-drops-hints-over-spot-bitcoin-etf-decision/"> outcome of spot Bitcoin</a> Exchange Traded Funds (ETF) will play a significant role in shaping market dynamics. 
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Bitcoin seeks this support to reignite Bullish rally

Todayq News

Andere artikelen gepubliceerd op 18 dec 2023

Bonk Price Prediction as BONK Falls 33% From Peak – Time to Sell?

Crypto Market Sees Mixed Capital Flows; Bitcoin Loses $33M in Outflows

Solana’s WIF Memecoin: A $1.69M Success Story in 5 Days!

Solana Price Continues To Battle With Bears! Will SOL Price Conclude The Month Positively?

Solana Saga phones trigger cryptocurrency frenzy with soaring resale prices

AI altcoin raising $6m in pre-sale could beat Injective Protocol (INJ)

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!