At present, there is almost no reason to be hopeful regarding Bitcoin. The value is stable near $20,000, and various on-chain signs are growing negative. Even though the long-term marketplace forecasts more downturn, there may have been some brief relief in the coming week. Few indications of a rebound are seen, which might fuel a weekend surge.
Bitcoin Address Activity On The Rise
As per Santiment, the number of Bitcoin unique addresses that are active within the ecosystem has increased. This is encouraging for a strong surge, as a comparable difference was last seen in December 2020. Simultaneously, BTC surpassed its 2017 record of $20,000.
Coinbase withdrawals among Bitcoin whales were also a positive indication seen. At the moment of writing, the average BTC withdrawal on Coinbase has hit a nine-year high.
Market To Witness A Further Collapse
Nevertheless, it is worth noting that overall average deposits were also substantially higher. On the contrary, miners’ selloff has increased, and several experts predicted a collapsing stage driven by miners. Looking at it objectively, for the time being, BTC’s value might respond as follows.
Under this circumstance, the phrase “moonshot” may be overused. However, a re-test of said $23,030 breakpoint will still be appreciated. BTC’s value is now rebounding on an upward barrier (yellow line), however, the situation will brighten up if the currency rises over the said obstacle. After a robust surge, a drop in support might push its worth under $30,000.
Even as the currency may still be somewhere around 50% below its all-time peak, damages might be reduced. Traditionally, the $17,000-$20,000 price level is among the top most actively traded areas in Bitcoin existence.
Bitcoin might change anytime this week, and the weekend might be a critical moment to prepare trading ideas across the leading digital asset. However, it is interesting to note that the market is relatively negative, and managing risk is essential for traders.