bitcoin-on-chain-metric-predict-recovery-in-advance/”>bitcoin On-Chain Metrics continue to show bullish signs that a parabolic breakout is imminent for the flagship cryptocurrency. The last of these metrics represents a significant change in bitcoin-network-growing-stronger/”>The bitcoin network activity, which could provide even more bitcoin-must-hold-above-70000-for-bullish-momentum/”>bullish momentum for the crypto token.
bitcoin sees increase in network activity
Cryptographic analyst Ali Martinez revealed in an x (formerly twitter) x.com/ali_charts/status/1799793147356250412″>mail that the number of daily bitcoin addresses had broken a downward trend that began on March 5. He added that 756,480 bitcoin addresses have been active in the last 24 hours. Martínez stated that this fact is a “positive sign” that bitcoin-bull-market-glassnode/”>The bitcoin Bull Run to be continue.
<img class="wp-image-612253 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-1-2.png?w=460&resize=460%2C220″ alt=”price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-1-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-1-2.png?w=460&resize=460%2C220 460w” />
In fact, this development could trigger a run for bitcoin as it suggests that more users are returning to the market. bitcoin-price/”>ecosystem. This could positively impact bitcoin-price-t-stay-afloat-here-the-level-to-watch/”>The price of bitcoin as they continue to market the flagship cryptocurrency. Meanwhile, the rise in daily active addresses adds to a growing list of bullish signals for bitcoin.
Another bullish sign is the decreasing supply of bitcoin on exchanges, which recently fell to new lows. This positive development suggests that bitcoin investors are holding on to their holdings for the long term rather than looking to offload their holdings in the short term, which could add significant selling pressure on the flagship cryptocurrency.
This decline in bitcoin supply on exchanges continued last week, with Martínez x.com/ali_charts/status/1799423380648767670″>developer that almost 22,647 btc ($1.57 billion) were withdrawn from crypto-market-centralized-exchange-declining-volume/”>crypto exchanges in the last week. Meanwhile, the crypto analyst mentioned that the bitcoin Taker buying and selling ratio on the HTX crypto exchange has risen to 730.
<img class="size-medium wp-image-612254" src="https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-2-1.png?w=460&resize=460%2C259″ alt=”bitcoin 2″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-2-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-2-1.png?w=460&resize=460%2C259 460w” />
This increase in the buy-sell ratio means that more investors are accumulating the flagship cryptocurrency at an impressive rate. Martínez noted that this “overwhelming massive buying pressure of bullish sentiment” and a bitcoin-price-t-stay-afloat-here-the-level-to-watch/”>strong upward trend could be on the horizon for bitcoin. Without a doubt, this buying pressure could affect the price of bitcoin, especially if the selling pressure is low.
<img class="wp-image-612260 size-medium" src="https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-3.png?w=460&resize=460%2C260″ alt=”Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-3.png?w=460&resize=460%2C260 460w” />
bitcoin Current and Future Outlook
Martínez has also provided insight into the current and future prospects of bitcoin in a series of posts on his x platform. In one x.com/ali_charts/status/1799383834464759943″>mailpointed out that bitcoin-pre-us-elections/”>The price of bitcoin It is currently in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 btc. He added that bitcoin must stay above this level to maintain its bullish momentum.
<img class="size-medium wp-image-612261" src="https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-4.png?w=460&resize=460%2C158″ alt=”bitcoin 4″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/06/bitcoin-4.png?w=460&resize=460%2C158 460w” />
Meanwhile, the crypto analyst provided insight into how high bitcoin could rise in its next leg if it manages to maintain this bullish momentum. He said the next local high for bitcoin could be around $89,200. bitcoin is still expected to rise more than that at some point in the bull run, as crypto analysts like Tarekonchain bitcoin-shark-whale-investors-go-to-the-market-heres-how-much-btc-they-bought/#:~:text=bitcoin%20Investors%20Have%20Bought%20154%2C560,in%20the%20last%20five%20months.”>predict that the flagship cryptocurrency is very likely to rise above $100,000 before reaching its market peak.
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