- The total Bitcoin address count has been on the rise lately.
- Supply on exchanges rises as BTC price breaks January high
bitcoin (BTC) meteoric rise has allowed it to ride again and also broke its January highs on the price front. In fact, King Coin has been more volatile than usual due to its ups and downs on the charts. However, the above uncertainty has not deterred new investors from becoming shareholders of this market.
Reading bitcoin (btc) price prediction 2023-24
More bitcoin addresses appear
number of directions swarmed Bitcoin (BTC) has risen in the past two months, according to data from feelingTea. In the last two months alone, an additional 1.7 million addresses were added, an increase of almost 4%.
In fact, the total number of addresses had risen to 45.19 million at the time of writing.
These observations show that cryptocurrency price fluctuations do not deter new investors from taking bitcoin positions at all.
Bitcoin Rallies on Daily Time Frame
At the time of writing, BTC is bouncing above and below the $25,000 level after a brief period of volatility. Bitcoin it was trading at $26,057. This comes after the world’s largest cryptocurrency has appreciated by almost 30% in the last 6 days alone.
The aforementioned optimism was evidenced on the BTC price chart on the daily time frame. Both the Relative Strength Index and the MACD projected an uptrend, which is also supported by the placement of moving averages.
Here, it is worth noting that at press time, the RSI reading was 67. Simply put, the RSI was moving towards the overbought zone, a bullish sign in the market.
More bitcoin coming to exchanges
while the price and quantity Bitcoin There has been a recent increase in addresses, and the supply has also increased on exchanges in recent days. In the last five days, around 50,000 BTC or $1.2 billion have moved to the wallets of the famous crypto exchange, according to allicharts.
Consider this: At the time of writing, Sentiment data showed that 1.3 million BTC were available on exchanges.
How much they cost Price of 1,10,100 btc Today
An increase in supply on the exchanges is a sign that liquidity is available. The availability of liquidity can be beneficial as the number of bitcoin addresses grows. However, if the balance tips and the supply exceeds the demand, the value of BTC will fall.
If the current balance holds, it could help BTC move higher and form a stronger support base between $25,000 and $26,000.