- New Bitcoin wallet creations have fallen dramatically, reaching levels last seen in 2018.
- Despite the drop, technical analyses suggest a potential upcoming rally post-Bitcoin halving.
Bitcoin [BTC], the leading cryptocurrency, has been experiencing a stagnant phase, struggling to surpass the $67,000 resistance level.
Recently, it achieved a 24-hour high of $67,697 but then saw a slight retreat, now trading at around $66,886.
This minor fluctuation comes at a time when Bitcoin’s ecosystem is showing signs of reduced activity, particularly in the creation of new addresses.
Just six months ago, the Bitcoin network was buzzing with activity, partly fueled by excitement over spot Bitcoin ETFs, developments like Ordinals, and anticipation of the upcoming halving event.
This led the average weekly number of new Bitcoin addresses to nearly reach the peak levels last seen in December 2017. However, recent data indicates a significant downturn in this trend.
Dramatic drop in network participation
The seven-day moving average number of new addresses on the Bitcoin network has plummeted to levels not seen since 2018.
Specifically, there has been a decrease from 625,000 new addresses per day six months ago to just 274,000 at press time, according to The Block’s data.
Source: TheBlock
This decline in new address creation mirrored the situation in early 2018, when interest in joining the Bitcoin network similarly waned after a period of heightened enthusiasm.
Source: Blockchain.com
Other key metrics have also shown a downturn. For instance, miner revenue and hash rate, critical indicators of the health and security of the Bitcoin network, have reached record lows.
Daily active addresses have followed suit, dropping from highs of over 73,000 in early March to under 20,000 at the time of writing, based on data from Santiment.
Source: Santiment
Bitcoin: Market outlook amid declining metrics
While the decline in these metrics might seem negative, it is essential to understand the broader context.
Historical data suggests that Bitcoin often undergoes significant corrections before a major rally, especially post-halving.
Technical analyses indicate that Bitcoin could drop to around $60,000, a level seen as crucial for gathering the liquidity needed to fuel a significant uptrend following the halving.
Source: TradingView
This is echoed by AMBCrypto’s recent technical analysis on BTC’s daily chart, showing that Bitcoin was testing resistance at the $67.3k level and remained above its 20-day Exponential Moving Average (EMA).
Is your portfolio green? Check out the BTC Profit Calculator
The Relative Strength Index (RSI) noted an uptick, hinting that Bitcoin might soon convert its current resistance into support, indicating a bullish short-term outlook.
However, the Chaikin Money Flow (CMF) suggested a potential price correction could be imminent.
- New Bitcoin wallet creations have fallen dramatically, reaching levels last seen in 2018.
- Despite the drop, technical analyses suggest a potential upcoming rally post-Bitcoin halving.
Bitcoin [BTC], the leading cryptocurrency, has been experiencing a stagnant phase, struggling to surpass the $67,000 resistance level.
Recently, it achieved a 24-hour high of $67,697 but then saw a slight retreat, now trading at around $66,886.
This minor fluctuation comes at a time when Bitcoin’s ecosystem is showing signs of reduced activity, particularly in the creation of new addresses.
Just six months ago, the Bitcoin network was buzzing with activity, partly fueled by excitement over spot Bitcoin ETFs, developments like Ordinals, and anticipation of the upcoming halving event.
This led the average weekly number of new Bitcoin addresses to nearly reach the peak levels last seen in December 2017. However, recent data indicates a significant downturn in this trend.
Dramatic drop in network participation
The seven-day moving average number of new addresses on the Bitcoin network has plummeted to levels not seen since 2018.
Specifically, there has been a decrease from 625,000 new addresses per day six months ago to just 274,000 at press time, according to The Block’s data.
Source: TheBlock
This decline in new address creation mirrored the situation in early 2018, when interest in joining the Bitcoin network similarly waned after a period of heightened enthusiasm.
Source: Blockchain.com
Other key metrics have also shown a downturn. For instance, miner revenue and hash rate, critical indicators of the health and security of the Bitcoin network, have reached record lows.
Daily active addresses have followed suit, dropping from highs of over 73,000 in early March to under 20,000 at the time of writing, based on data from Santiment.
Source: Santiment
Bitcoin: Market outlook amid declining metrics
While the decline in these metrics might seem negative, it is essential to understand the broader context.
Historical data suggests that Bitcoin often undergoes significant corrections before a major rally, especially post-halving.
Technical analyses indicate that Bitcoin could drop to around $60,000, a level seen as crucial for gathering the liquidity needed to fuel a significant uptrend following the halving.
Source: TradingView
This is echoed by AMBCrypto’s recent technical analysis on BTC’s daily chart, showing that Bitcoin was testing resistance at the $67.3k level and remained above its 20-day Exponential Moving Average (EMA).
Is your portfolio green? Check out the BTC Profit Calculator
The Relative Strength Index (RSI) noted an uptick, hinting that Bitcoin might soon convert its current resistance into support, indicating a bullish short-term outlook.
However, the Chaikin Money Flow (CMF) suggested a potential price correction could be imminent.
name brand for clomid where buy clomid tablets how to buy generic clomid can you buy clomiphene without a prescription how to get generic clomid without dr prescription buying clomiphene no prescription can you buy generic clomid for sale
More articles like this would remedy the blogosphere richer.
More posts like this would prosper the blogosphere more useful.
zithromax 250mg price – buy metronidazole online buy flagyl 400mg online cheap
rybelsus 14mg ca – cyproheptadine 4mg cost buy periactin 4 mg generic
buy domperidone no prescription – how to buy domperidone order cyclobenzaprine 15mg generic
buy generic propranolol for sale – clopidogrel 75mg over the counter methotrexate over the counter
amoxicillin price – order ipratropium 100 mcg buy combivent pill
azithromycin usa – azithromycin for sale online order nebivolol 20mg pills
amoxiclav canada – atbio info purchase ampicillin generic
buy nexium without a prescription – nexiumtous esomeprazole 20mg cheap
warfarin 5mg cost – blood thinner purchase hyzaar generic
mobic 7.5mg ca – mobo sin buy mobic sale
order deltasone 20mg online – aprep lson buy deltasone 5mg for sale
best ed drug – erection pills buy ed pills paypal
order generic amoxil – buy amoxicillin online amoxicillin over the counter
purchase fluconazole for sale – https://gpdifluca.com/ fluconazole order
cenforce 100mg for sale – cenforce 100mg price order cenforce
cialis daily dose – cialis 5mg cost per pill when does cialis go off patent
buy zantac 150mg without prescription – site buy zantac generic
cialis a domicilio new jersey – https://strongtadafl.com/ is cialis covered by insurance
viagra professional 100 mg – on this site 100mg viagra pills
This website really has all of the information and facts I needed there this subject and didn’t comprehend who to ask. site
Greetings! Jolly useful par‘nesis within this article! It’s the scarcely changes which liking obtain the largest changes. Thanks a lot in the direction of sharing! https://buyfastonl.com/isotretinoin.html
This is the description of content I get high on reading. https://ursxdol.com/ventolin-albuterol/
This website really has all of the information and facts I needed to this participant and didn’t know who to ask. https://prohnrg.com/
I couldn’t weather commenting. Warmly written! online