All eyes are on the main crypto as the indicators turn green again. A welcome recovery, since the market is rather volatile and concerns are growing. But if we notice strong On-Chain activity, the question still remains. Is this the end of the bitcoin (BTC) downtrend?
In short
- After weeks of trading lower, bitcoin (BTC) rebounds and trades above $26,000, resulting in its highest profit/loss ratio in two months.
- The crypto is expected to continue its uptrend, but only if support holds between $25,600 and $25,900.
Bitcoin, activity increases on the network despite high volatility
After insane highs, bitcoin (BTC) is blowing hot and cold on the markets. Considered the biggest crypto of all time, it is driving movements in the market and investors are wondering when it will rise. The answer to this question is there, as it has rebounded by 5% over the last three days, finally surpassing the $26,000 mark.
Indeed, volatility has been increasing since the announcement of the liquidation of FTX creditors. As a result, there has been a sharp increase in the network’s On-Chain activity. According to Santiment databitcoin maintains its 5-month streak of high unique address levels.
During this period, an average of 1.1 million addresses traded coins daily. Additionally, the recent rise in BTC price sparks confidence. Currently, profit taking is on the rise, the crypto’s highest level in two months.
All things considered, the fall may not continue
The key characteristic of bitcoin (BTC) is to rebound whenever we see a decline. According to popular analyst Michael van de Poppe, the crypto is unlikely to fall as much as previously thought. The latter bases its analysis on several factors. Among other things, an increase in prices to more than 25,000 dollars.
But that’s not all, the launch of crypto custody solutions by Deutsche Bank is also playing a major role in the market recovery. Thus, he believes that bitcoin should continue its upward trend. However, this scenario is subject to one condition, that the market remains between $25,600 and $25,900.
Whatever the scenario, one thing is certain, and that is that bitcoin (BTC) remains one of the pillars of the crypto sector. The proof is that investors continue to have faith in it. As Coinbase integrates Lightning, the leading cryptocurrency may soon be crowned in Doha.
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