Bitcoin’s Number Of Daily New Addresses is 432431 — How Did it Impact Price?

The Daily View for Bitcoin

  • At the moment, BTC’s price is down $-65.09 (-0.15%) from the day prior.
  • This is the 2nd day in a row Bitcoin has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin’s hourly price chart is shown below.

BTC

The Daily View for Bitcoin

  • Currently, BTC’s price is up $656.11 (1.57%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between BTC’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in BTC’s price.

Below is a daily price chart of Bitcoin.

BTC

The Latest From BTC’s Blockchain

  • For BTC, its average transaction value is now at 12.8422.
  • Over the past 29 weeks, the trend for BTC’s count of active addresses has been choppy and unclear. It has oscillated between 507420 and 1195964.
  • BTC has a number of daily new addresses of 432431, up 18.04% from its value day prior.

Featured Bitcoin Idea From TradingView

Below is a trading comment entitled BTC 4 Year Cycle Double Tops Right On Time. 2022 Year of Pain. you may find interesting:

Long Term Long, Short Term Short.BTC has recently close below the 10W moving average and broken down from there. We are nearing completion of a head and shoulders pattern, which when complete will print a devastating double top. If this price action ensues we may see 70%+ drawdown, not unlike previous. BTC’s bull / bear cycles which has been like clockwork, reoccurring ever 4 years, with the last year of the cycle bringing immeasurable pain to late investors with drawdowns in the 75%-85% range. The market always punishes those late to the party, and this cycle looks to be no different. The peak of this bull run has been slightly less euphoric than the previous, and optimist can hope for a softer drawdown than what we’re used to. But the realist knows that the recent all time high needs to be digested by the markets, and the price action suggest we will witness something similar to past draw downs. Fundamentally, Bitcoin’s last bull run was built upon government stimulus, ETF excitement, and an explosion in overvalued risk on momentum tech stocks fueled by a trigger happy fed with a deflationary backdrop. These combined drivers sent the price of BTC soaring which attracted institutional investors and mass retail participation. All of which have run exhausted, and begun to unravel. The deflationary back drop for the Feds expansion of the money supply has eroded, and recent surge in inflation has backed the Fed into a corner. While the Fed becomes increasingly more hawkish, over valued tech stocks and ETF’s s…

jonlorquet