In the realm of cryptocurrency, Active Addresses are a key metric for understanding the level of activity on the BTC network, investor participation, and market trends. By applying the monthly moving average (30DMA) and the annual moving average (365DMA), we can observe the market momentum.

Historically, a strong crossing of the 30DMA below the 365DMA, known as a 'death cross', has indicated a shift from a bull to a bear market. In the current cycle, the death cross has been present since the all-time high (ATH).

While the decline isn't steep enough to definitively signal a bear market, caution is advised due to the potential for a deepening correction. If the 30DMA drops further, it would be wise to prepare for a macro bearish reversal. Despite these cautionary signals, the market's inherent volatility and potential for growth maintain an overall optimistic outlook.