Bitcoin has once again surged to the forefront of discussions, this time not only due to its impressive 5% price rise over the past three days but also because of a significant milestone reached in unique address activity.
According to a tweet from Santiment, a prominent cryptocurrency data provider, Bitcoin is currently witnessing a surge in unique address activity, reaching levels not seen in the past five months. On average, a staggering 1.1 million Bitcoin addresses are actively sending and receiving coins, signifying a growing interest in the world’s most renowned digital currency.
This surge in unique address activity indicates heightened engagement and participation in the Bitcoin network, possibly signaling a broader adoption trend. As Bitcoin continues to gain momentum, enthusiasts and investors are eyeing the market with a mix of optimism and caution.
Bitcoin: Crucial Levels For a Potential Bullish Breakout
One notable factor contributing to this optimism is the recent tweet from Michaël van de Poppe, CEO, and Founder of MN Trading, a well-known figure in the cryptocurrency space. In his tweet, van de Poppe hinted at the possibility of Bitcoin undergoing a bullish breakout. However, he also cautioned that certain critical levels must be breached to confirm this trend.
“Bitcoin might be able to activate a potential bullish breakout, although we need to make sure that it doesn’t retest the lows again,” van de Poppe remarked. His statement reflects the ongoing market uncertainty, with traders eagerly monitoring Bitcoin’s performance.
The addition of Deutsche Bank to the Bitcoin sphere introduces an intriguing element to the situation. Given its significant influence, this financial institution holds the potential to impact the cryptocurrency market greatly. The recent price surge reaching $25,000 is particularly interesting, as it could suggest a shift in market sentiment.
Van de Poppe highlighted key price levels that could present potential trading opportunities. If the price surpasses $26,800, it indicates a continuation of the upward trend and has the potential to attract more investors seeking long positions.
On the other hand, if a retest occurs, the range low of $25,600-$25,900 presents a significant opportunity for long entry. This price level may trigger a flurry of buying activity.
Moreover, when the price of BTC remains consistently above the 200-week Exponential Moving Average (EMA), it signifies a stable market condition. It instills optimism in those who are expecting a positive trajectory for BTC Additionally, his valuation of September, labeling it as “not rektember,” suggests a prevailing bullish sentiment in the current market situation this month.
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