Active addresses represent the number of unique addresses showing significant activity on the Bitcoin (BTC) on-chain network. This metric offers insights into network activity, investor engagement, and broader market trends. By applying a 🔴 30-day moving average (30DMA) and a 🔵 365-day moving average (365DMA) to this indicator, we can assess the momentum.
Over the past month, the 30DMA has risen sharply and is approaching the 365DMA. If a "golden cross" occurs (where the 30DMA crosses above the 365DMA), we could anticipate a positive shift in market momentum.
From a technical analysis perspective, since July, Bitcoin’s highs and lows have been progressively increasing, indicating an upward market structure. However, the pattern connecting these highs and lows forms a 'rising wedge,' which, if it continues to tighten, could lead to significant price volatility shortly.
Written by Yonsei_dent
