{"id":470059,"date":"2021-08-24T19:00:50","date_gmt":"2021-08-24T19:00:50","guid":{"rendered":"https:\/\/wncen.com\/?p=470059"},"modified":"2024-06-11T13:57:59","modified_gmt":"2024-06-11T13:57:59","slug":"bitcoin-activity-lags-price-action","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-activity-lags-price-action\/","title":{"rendered":"Bitcoin On-Chain Activity Lags Behind Price Action, But Why?"},"content":{"rendered":"

Data reveals that while Bitcoin’s price is shooting up, the on-chain activity hasn’t improved much in the past week. What could be the reason behind this behavior?<\/p>\n

Bitcoin Breaks $50k, But Activity Lags Behind<\/h2>\n

As per this week’s edition of the Arcane Research<\/a> report, on-chain activity seems to be slow to recover despite the price of the cryptocurrency jumping high.<\/p>\n

The metric used for measuring the activity<\/a> here is the Bitcoin 7-day average number of active addresses indicator, which as its name suggests gives the number of address on the network that saw transactions within a specific period of time.<\/p>\n

Now, here is the chart for the BTC number of active addresses (7-day average) vs the price:<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin's activity seems to be lagging behind the price | Source: Arcane Research<\/a><\/pre>\n
On examining the above graph, two things become apparent. First, the number of active addresses right now is just under 900k. This shows that the indicator has certainly recovered since the lows of around 750k after the price crash.<\/p>\n
Second, while the Bitcoin price has now risen to about $50k, the activity hasn’t shown as big a spike yet. The active addresses are still at the same levels as they were during the summer of 2020, when the price was around $10k. During the bull rally earlier in 2021, the same metric’s value crossed 1.2 million.<\/p>\n
Related Reading | “Buckets Of Addresses” Accumulating Bitcoin Suggests Rally Past $50K Is Sustainable<\/a><\/strong><\/em><\/p>\n
Now, the question is, why is the indicator lagging behind the price this time? There could be two possible explanations for this trend.<\/p>\n
The first is that the low number of active addresses could be a bearish signal. Investors might not be very interested in Bitcoin at the moment so they haven’t moved their investments into it.<\/p>\n
The other reason is that more investors are now viewing BTC as a store of value so they have no reason to move their coins around. This would imply a bullish<\/a> signal for the market as there are more long-term holders in the network now.<\/p>\n
What’s Next For BTC’s Price?<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> trades around $48k, up 5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 40% in gains.<\/p>\n
Below is a chart highlighting the trends in the price of BTC over the last three months:<\/p>\n
\"Bitcoin<\/p>\n
BTC sharply slips downwards after a touch of the $50k price mark | Source: BTCUSD on TradingView<\/a><\/pre>\n
Considering that Bitcoin’s price is now quickly falling down after a break of the $50k level, a lack of network activity may indeed suggest a bearish market.<\/p>\n
Related Reading |\u00a0As Bitcoin Breaks $50k, Indicators Look Similar To The Rally That Lead To ATH<\/a><\/strong><\/em><\/p>\n
However, it’s not yet set in stone. Further increases in the price will be of importance here. If activity improves considerably, signs could be bullish for BTC instead.<\/p>\n","protected":false},"excerpt":{"rendered":"
Data reveals that while Bitcoin’s price is shooting up, the on-chain activity hasn’t improved much in the past week. What could be the reason behind this behavior? Bitcoin Breaks $50k, But Activity Lags Behind As per this week’s edition of the Arcane Research report, on-chain activity seems to be slow to recover despite the price of the cryptocurrency jumping high. The metric used for measuring the activity here is the Bitcoin 7-day average number of active addresses indicator, which as its name suggests gives the number of address on the network that saw transactions within a specific period of time. Now, here is the chart for the BTC number of active addresses (7-day average) vs the price: Bitcoin’s activity seems to be lagging behind the price | Source: Arcane Research On examining the above graph, two things become apparent. First, the number of active addresses right now is just under 900k. This shows that the indicator has certainly recovered since the lows of around 750k after the price crash. Second, while the Bitcoin price has now risen to about $50k, the activity hasn’t shown as big a spike yet. The active addresses are still at the same levels as they were during the summer of 2020, when the price was around $10k. During the bull rally earlier in 2021, the same metric’s value crossed 1.2 million. Related Reading | “Buckets Of Addresses” Accumulating Bitcoin Suggests Rally Past $50K Is Sustainable Now, the question is, why is the indicator lagging behind the price this time? There could be two possible explanations for this trend. The first is that the low number of active addresses could be a bearish signal. Investors might not be very interested in Bitcoin at the moment so they haven’t moved their investments into it. The other reason is that more investors are now viewing BTC as a store of value so they have no reason to move their coins around. This would imply a bullish signal for the market as there are more long-term holders in the network now. What’s Next For BTC’s Price? At the time of writing, Bitcoin’s price trades around $48k, up 5% in the last 7 days. Over the past month, the cryptocurrency has accumulated 40% in gains. Below is a chart highlighting the trends in the price of BTC over the last three months: BTC sharply slips downwards after a touch of the $50k price mark | Source: BTCUSD on TradingView Considering that Bitcoin’s price is now quickly falling down after a break of the $50k level, a lack of network activity may indeed suggest a bearish market. Related Reading |\u00a0As Bitcoin Breaks $50k, Indicators Look Similar To The Rally That Lead To ATH However, it’s not yet set in stone. Further increases in the price will be of importance here. If activity improves considerably, signs could be bullish for BTC instead.<\/p>\n","protected":false},"author":542,"featured_media":470062,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,13790,1119,1144],"class_list":["post-470059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin On-Chain Activity Lags Behind Price Action, But Why?<\/title>\n<meta name=\"description\" content=\"Data reveals that while Bitcoin's price is shooting up, the on-chain activity hasn't improved much in the past week. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On-Chain Activity Lags Behind Price Action, But Why?","url":"http:\/\/wncen.com\/news\/bitcoin-activity-lags-price-action\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-activity-lags-price-action\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/mark-basarab-y421kXlUOQk-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/mark-basarab-y421kXlUOQk-unsplash-scaled.jpg?fit=2560%2C1708"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bear","btc","btcusd"],"dateCreated":"2021-08-24T19:00:50Z","datePublished":"2021-08-24T19:00:50Z","dateModified":"2024-06-11T13:57:59Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On-Chain Activity Lags Behind Price Action, But Why?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-activity-lags-price-action\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-activity-lags-price-action\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/mark-basarab-y421kXlUOQk-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/mark-basarab-y421kXlUOQk-unsplash-scaled.jpg?fit=2560%2C1708\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bear\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-08-24T19:00:50Z\",\"datePublished\":\"2021-08-24T19:00:50Z\",\"dateModified\":\"2024-06-11T13:57:59Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/mark-basarab-y421kXlUOQk-unsplash-scaled.jpg?fit=2560%2C1708","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470059"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=470059"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/470062"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}