Bitcoin (BTC) appears not to be giving way in its quest to climb the heights as its upward momentum continues for days after breaking the $ 40,000 psychological price. The top cryptocurrency is up 2.15% in the past 24 hours, hitting $ 46,159 during intraday trading, so CoinMarketCap.
With 16.4% of the total BTC supply profitable again, the crypto analytics company Glassnode explained:
“Between the low of $ 29.7,000 and the current price of $ 45.4,000, a total of 16.4% of the total Bitcoin supply returned to profit. This indicates that around 3.08 million BTC were recently issued and thus there is an on-chain cost basis in this price range. “
Additionally, the recent surge has given short-term Bitcoin holders a smile as their investments have returned to positive levels.
In May, BTC became the talk of the town after falling from an all-time high (ATH) of $ 64.8,000 recorded in mid-April to a low of $ 30,000. Still, the leading cryptocurrency is regaining lost ground.
Bitcoin’s daily addresses are aimed at the 1 million level
To to the provider of on-chain metrics Santiment:
“Address activity continues to be a very important metric for giving clues as to whether Bitcoin will exceed $ 50,000 or fall below $ 40,000. Currently 720,000 to 930,000 addresses are using the BTC network every day, and we are looking for a rise above 1m as a bull run signal. “
Therefore, a remarkable number of participants use the Bitcoin network, as confirmed by on-chain analyst Lex Moskovski.
The significant on-chain resistance is between $ 45.6K and $ 46.9K
IntoTheBlock believes that Bitcoin should close the on-chain resistance between 45.6K and 46.9K before it gets the green light and heads towards the 50K level. The data analytics company explained:
“As the high trading activity shows, the greatest on-chain resistance for BTC to hit $ 50,000 is between $ 45.6k and $ 46.9k, where 763,000 addresses bought 428k BTC.”
With an increase in daily Bitcoin activity being recorded, it remains to be seen whether this will trigger a surge to the psychological price of $ 50,000.
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