Despite the analysts’ predictions, the huge breakthrough expected for the weekend did not occur, the price of Bitcoin did not cross the $100,000 mark (currently:
BTC Price ). Moreover, On Monday, November 25, some people suffered particularly large lossesas more than 117 million dollars in long BTC positions were liquidated due to market volatility. Compared to shorts, this represents a ratio of 80%. Almost everyone expected a rise, then the bears took advantage of the market volatility and launched an attack. Nevertheless, reaching the exchange rate of 100,000 dollars is not unthinkablebut according to analysts, another external factor must start the momentum again.
The numbers predict stabilizing BTC price movements
Bitcoin itself produces very nice metrics, no problem with that. The largest cryptocurrency by market capitalization has come close to surpassing 1 million active daily users for the first time since 2019. And this perfectly shows the huge increase in acceptance. Crossing the limit is seen by many as the catalyst that can push BTC above the $100,000 price. One on November 26 on-chain data analysis showed thatthat Bitcoin activity has experienced massive growth over the past 3 years. The increase in activity at this level also confirms that acceptance has started to shift from large investors and whales to retailers and small investors. This could be a positive sign for the market as it could lead to more stable price movements. Retail investors generally behave differently than whales, who can cause significant price fluctuations with their large trades.
The growing number of active addresses indicates a healthier and more robust network, which bodes well for long-term bitcoin investors. Plus, most new investors haven’t yet started making any significant purchases or sales. Trading volume remained relatively stable despite the increase in active titles. This suggests that the activity within the chain has not yet turned into significant buying or selling pressure. Total Bitcoin trading volume across all exchanges averaged $817 million per day on Nov. 26, compared to more than $1.58 billion on Nov. 14, when the price of bitcoin crossed $90,500. Still, investors should consider the possibility of a broader market correction, according to Ryan Lee, senior analyst at Bitget Research.
Another bullish sign is that more than 458,000 Bitcoin investors have acquired BTC above the $96,700 level. However, this can be a strong enough basis for recovery.
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<p>The post The number of daily active BTC addresses is almost 1 million first appeared on CoinBuzzFeed.</p>
