This Bitcoin On-chain Retest Can Change Market’s Course, Here’s How
25 Octobre 2022 - 09:00PM
NEWSBTC
Bitcoin new address momentum is approaching a retest that could
change the course of the crypto’s price, if history is anything to
go by. Monthly MA Of Bitcoin New Addresses Is Currently Retesting
The Yearly MA According to the latest weekly report from Glassnode,
new address momentum is currently on the verge of a push higher.
The “new addresses” is an indicator that measures the total number
of new addresses coming active on the Bitcoin blockchain. To know
whether the crypto is seeing a sufficient amount of push in new
users coming to the network or not, the “new address momentum”
metric is used. This momentum indicator is based on the 30-day and
365-day moving averages of the new addresses. By comparing the
trend of these MAs against each other, we can learn how the monthly
average new users stack up against the mean for the year. Now, here
is a chart that shows the trend in the Bitcoin new address momentum
over the last few years: Looks like the two MAs have been
approaching a test in recent days | Source: Glassnode's The Week
Onchain - Week 43, 2022 As you can see in the above graph, the
relevant points of trend for the Bitcoin new address momentum are
highlighted. It seems like whenever the 30-day MA has failed to
cross above the 365-day MA, the price of the crypto has observed a
bearish trend. Related Reading: Altcoin Exchange Dominance Rises To
50%, What Does It Mean For Bitcoin? This happened back in November
2018, where when shortly after the crossover didn’t happen, the
coin crashed from $6k to $3.2k November 2021 and May 2022 also saw
a similar pattern. On the other hand, during times when the monthly
MA successfully passed above the yearly and sustained there,
Bitcoin felt a constructive effect on its value. In recent months,
the 30-day MA has been below the 365-day as there hasn’t been much
demand for BTC. Most recently, however, the metric has seen some
upwards push, and is now approaching another retest of the yearly
line. Related Reading: Can Bitcoin Bring An End To Crypto Winter? |
BTCUSD Analysis October 24, 2022 Currently, it’s unclear how this
crossover attempt will go, but the report notes that so far the
market hasn’t shown the same convincing burst of strength as in
2019. BTC Price At the time of writing, Bitcoin’s price floats
around $19.2k, down 1% in the last week. Over the past month, the
crypto has gained 2% in value. The below chart shows the trend in
the price of the coin over the last five days. The value of the
crypto seems to have continued its boring sideways movement around
$19k recently | Source: BTCUSD on TradingView Featured image from
Kanchanara on Unsplash.com, charts from TradingView.com,
Glassnode.com
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