On-Chain Metrics Indicate Positive Momentum for Bitcoin Bitcoin, the pioneering cryptocurrency, has been showcasing multiple positive on-chain metrics, as reported by the renowned market analytics platform, Glassnode Alerts. The most notable of these metrics is the all-time high (ATH) in the number of non-zero Bitcoin addresses, which has now reached a staggering 48,039,035. This surpasses the previous ATH, recorded just a day earlier, by a mere 110 addresses. Furthermore, Glassnode highlighted another significant metric: Bitcoin’s supply that has remained inactive for over a decade has also achieved a new ATH, surpassing the previous record by a small margin.
Bitcoin’s Price Movement and Market Analysis Despite the weekend typically being a quieter period for the cryptocurrency market, Bitcoin has managed to maintain its momentum. As per data from CoinMarketCap, Bitcoin’s price experienced a slight uptick of 0.01% within the last 24 hours. This modest increase has kept Bitcoin’s weekly performance in the positive territory, showing a gain of 1.20%. However, it’s worth noting that Bitcoin’s monthly performance indicates a decline of over 6%. The 24-hour trading volume for Bitcoin also witnessed a significant drop of more than 34% compared to the previous day.
Technical Outlook and Future Predictions From a technical perspective, Bitcoin’s daily chart presents an intriguing scenario. The 9, 20, and 50 EMA lines are closely aligned, suggesting that the market is in a state of anticipation. Traders and investors are keenly observing for signals that might indicate Bitcoin’s next move. If Bitcoin manages to close a daily candle above the $29,600 mark, there’s potential for the price to ascend towards the $32,000 range in the subsequent week. Conversely, a close below the 50-day EMA, approximately at $29,354.22, might see Bitcoin’s price retracting to the $27,000 level in the coming days.
