New Bitcoin Address Count Spiked to a 2-Year high Last Week
Last week, the number of new Bitcoin addresses spiked to a two-year high hinting of a possible entry of fresh capital and a re-alignment for a bull market. The result saw Bitcoin prices steady above the $10,000 level, shaking off news of President Trump COVID-19 infection.
New addresses mean fresh capital, a precursor for a bullish market. Presently, the Bitcoin price is trending within a narrow range, absorbing bear pressure of the last few weeks. While there are no specific explanations as to why the number of new Bitcoin addresses shot to a two-year high, rumors of China re-focus on Bitcoin and crypto could explain the influx. Before the Chinese central bank banned the trading of crypto in the mainland, China surpassed the US as the primary source of trading volume.
Impact on the Bitcoin price:
Bullish. Analysts note that the influx of trading volumes--from new addresses, after supportive news from China is yet to be reflected in price charts. As Bitcoin prices consolidate, a break above key resistance levels and $12,000 may see bulls push BTC to new 2020 highs.
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