{"id":612248,"date":"2024-06-10T16:00:55","date_gmt":"2024-06-10T16:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=612248"},"modified":"2024-06-11T06:45:07","modified_gmt":"2024-06-11T06:45:07","slug":"bitcoin-metric-3-month-downtrend","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-metric-3-month-downtrend\/","title":{"rendered":"Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery"},"content":{"rendered":"

The Bitcoin on-chain metrics<\/span><\/a> continue to show bullish signs that a parabolic breakout is imminent for the flagship crypto. The latest of these metrics is a significant turnaround in <\/span>Bitcoin\u2019s network<\/span><\/a> activity, which could further provide <\/span>bullish momentum<\/span><\/a> for the crypto token.\u00a0<\/span><\/p>\n

Bitcoin Sees Surge In Network Activity\u00a0<\/span><\/h2>\n

Crypto analyst <\/span>Ali Martinez<\/span><\/a> revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that the number of daily Bitcoin addresses had broken a downtrend that began on March 5. He added that 756,480 Bitcoin addresses have been active in the last 24 hours. Martinez claimed this development is a \u201cpositive sign\u201d that <\/span>Bitcoin\u2019s bull run<\/span><\/a> will continue.\u00a0<\/span><\/p>\n

Related Reading: Litecoin Sees Massive 75% Surge In Major Metric \u2013 Can This Trigger A Rally To $200?<\/a><\/div>\n
\"price\"
Source: X<\/figcaption><\/figure>\n

Indeed, this development could trigger a run for Bitcoin as it suggests that more users are returning to the <\/span>ecosystem<\/span><\/a>. This could positively impact <\/span>Bitcoin\u2019s price<\/span><\/a> as they continue to trade the flagship crypto. Meanwhile, the surge in daily active addresses adds to a growing list of bullish signals for Bitcoin.\u00a0<\/span><\/p>\n

Another bullish signal is the decline of <\/span>Bitcoin\u2019s supply on exchanges<\/span><\/a>, which recently dropped to new lows. This positive development suggests that Bitcoin investors are holding for the long term rather than looking to offload their holdings anytime soon, which could add significant selling pressure on the flagship crypto.\u00a0<\/span><\/p>\n

This decline in Bitcoin\u2019s supply on exchanges continued last week, with Martinez <\/span>revealing<\/span><\/a> that almost 22,647 BTC ($1.57 billion) were withdrawn from <\/span>crypto exchanges<\/span><\/a> in the past week. Meanwhile, the crypto analyst mentioned that the Bitcoin Taker Buy Sell Ratio on the HTX crypto exchange has surged to 730.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

This surge in the buy-sell ratio means that more investors are accumulating the flagship crypto at an impressive rate. Martinez noted that this \u201cmassive buy pressure overwhelming bullish sentiment\u201d and a <\/span>strong upward trend<\/span><\/a> might be on the horizon for Bitcoin. This buy pressure could undoubtedly impact Bitcoin\u2019s price, especially if the selling pressure is low.\u00a0<\/span><\/p>\n

\"Price\"
Source: CryptoQuant<\/figcaption><\/figure>\n

Bitcoin\u2019s Current And Future Outlook<\/h2>\n

Martinez<\/span><\/a> has also provided insights into Bitcoin\u2019s current and future outlook in a series of posts on his X platform. In one <\/span>post<\/span><\/a>, he noted that <\/span>Bitcoin\u2019s price<\/span><\/a> is currently situated in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 BTC. He added that Bitcoin must hold above this level to sustain its <\/span>bullish momentum<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Ripple\u2019s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds<\/a><\/div>\n
\"Bitcoin
Source: IntoTheBlock<\/figcaption><\/figure>\n

Meanwhile, the crypto analyst provided insights into how high Bitcoin could rise on its next leg up if it manages to sustain this bullish momentum. He said the <\/span>next local top<\/span><\/a> for Bitcoin could be around $89,200. Bitcoin is still expected to rise higher than that at some point in the bull run since crypto analysts like Tarekonchain <\/span>predict<\/span><\/a> that it is very likely that the flagship crypto will rise above $100,000 before it hits its market peak.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bears push price down | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin on-chain metrics continue to show bullish signs that a parabolic breakout is imminent for the flagship crypto. The latest of these metrics is a significant turnaround in Bitcoin\u2019s network activity, which could further provide bullish momentum for the crypto token.\u00a0 Bitcoin Sees Surge In Network Activity\u00a0 Crypto analyst Ali Martinez revealed in an X (formerly Twitter) post that the number of daily Bitcoin addresses had broken a downtrend that began on March 5. He added that 756,480 Bitcoin addresses have been active in the last 24 hours. Martinez claimed this development is a \u201cpositive sign\u201d that Bitcoin\u2019s bull run will continue.\u00a0 Related Reading: Litecoin Sees Massive 75% Surge In Major Metric \u2013 Can This Trigger A Rally To $200? Indeed, this development could trigger a run for Bitcoin as it suggests that more users are returning to the ecosystem. This could positively impact Bitcoin\u2019s price as they continue to trade the flagship crypto. Meanwhile, the surge in daily active addresses adds to a growing list of bullish signals for Bitcoin.\u00a0 Another bullish signal is the decline of Bitcoin\u2019s supply on exchanges, which recently dropped to new lows. This positive development suggests that Bitcoin investors are holding for the long term rather than looking to offload their holdings anytime soon, which could add significant selling pressure on the flagship crypto.\u00a0 This decline in Bitcoin\u2019s supply on exchanges continued last week, with Martinez revealing that almost 22,647 BTC ($1.57 billion) were withdrawn from crypto exchanges in the past week. Meanwhile, the crypto analyst mentioned that the Bitcoin Taker Buy Sell Ratio on the HTX crypto exchange has surged to 730.\u00a0 This surge in the buy-sell ratio means that more investors are accumulating the flagship crypto at an impressive rate. Martinez noted that this \u201cmassive buy pressure overwhelming bullish sentiment\u201d and a strong upward trend might be on the horizon for Bitcoin. This buy pressure could undoubtedly impact Bitcoin\u2019s price, especially if the selling pressure is low.\u00a0 Bitcoin\u2019s Current And Future Outlook Martinez has also provided insights into Bitcoin\u2019s current and future outlook in a series of posts on his X platform. In one post, he noted that Bitcoin\u2019s price is currently situated in a strong support zone between $69,380 and $67,350, where 1.97 million addresses acquired 964,000 BTC. He added that Bitcoin must hold above this level to sustain its bullish momentum.\u00a0 Related Reading: Ripple\u2019s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds Meanwhile, the crypto analyst provided insights into how high Bitcoin could rise on its next leg up if it manages to sustain this bullish momentum. He said the next local top for Bitcoin could be around $89,200. Bitcoin is still expected to rise higher than that at some point in the bull run since crypto analysts like Tarekonchain predict that it is very likely that the flagship crypto will rise above $100,000 before it hits its market peak.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":612271,"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":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-612248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nMajor Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery<\/title>\n<meta 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery","url":"http:\/\/wncen.com\/news\/bitcoin-metric-3-month-downtrend\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-metric-3-month-downtrend\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-price-2.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-price-2.jpeg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-06-10T16:00:55Z","datePublished":"2024-06-10T16:00:55Z","dateModified":"2024-06-11T06:45:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Major Bitcoin Metric Breaks 3-Month Downtrend Amid Bullish Network Recovery\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-metric-3-month-downtrend\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-metric-3-month-downtrend\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-price-2.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-price-2.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-06-10T16:00:55Z\",\"datePublished\":\"2024-06-10T16:00:55Z\",\"dateModified\":\"2024-06-11T06:45:07Z\"}<\/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\/2024\/06\/Bitcoin-price-2.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/612248"}],"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\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=612248"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/612248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/612271"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=612248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=612248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=612248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}