What's next for Bitcoin (BTC)?
(note: the post contains data by AMBCrypto)
Over the past week, Bitcoin’s [BTC] price dropped below the $60,000 mark on two separate occasions, which was accompanied by a slight increase in the reserves held by exchanges.
Interestingly, alongside the increase in BTC on exchanges, there was a significant uptick in the creation of new addresses.
On the 24th of June, BTC experienced a notable drop of 4.60%, with the day’s trading closing at approximately $60,263.
Despite this close, the price had dipped as low as $58,411 during the day. Similarly, on the 28th of June, BTC’s price again tested lower levels.
It declined to $59,868, and closed at around $60,313, marking a decline of over 2%.
As of this writing, BTC was trading at around $63,215, showing a modest increase of less than 1%. The Relative Strength Index (RSI), a key indicator of price momentum, was around 43.
This suggested that BTC was in a strong bear trend.
The move might thus precede a potential price rebound.
This week’s price movements have had an impact on broader market dynamics as well, including the creation of new Bitcoin addresses and changes in exchange reserves.
Typically, significant price declines can trigger increased activity on exchanges as traders move BTC to sell or buy at perceived key levels.
Also, new addresses may be created as new or existing participants enter the market to capitalize on the volatility.
Such a significant rise often reflects broader market movements or sentiment shifts, which could have various implications for BTC’s network activity and price dynamics.
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