Weak Address Growth Indicates Bitcoin Price Fails To Hold $25,000
Active addresses did not mimic previous successful price breakout this month, analyst says, despite apparently realized price returns as resistance.
Market news
Bitcoin (BTC) is staging a repeat of price action from May with its latest decline, according to the latest data.
As the dust settles on a 6% decline for BTC/USD, analysis indicates that its journey to $25,000 was never meant to last.
Realized price comes back to haunt the BTC chartAfter surprising some with its magnitude, the latest sudden losses for BTC price action are still unfolding.
After dropping from $23,800 to $21,400 in a single hour, the largest cryptocurrency is now trying to establish support near its realized price.
At just under $22,000, the realized price refers to the total sum that the entire supply of BTC last moved to.
The setup will be more than familiar to many market participants, as realized price formed an initial support line during Bitcoin's May descent, immediately following the Terra LUNA explosion.
Bitcoin Realized Price Chart. Source: GlassnodeWith the story rhyming - at least on the chart - it remains to be seen if other recent points of interest will continue to play their part.
Among them is the 200-week moving average (MA), a hard-earned support level in July that now appears to be lost in one fell swoop.
The 50-day MA, cleared in late July, has now also moved back above the spot price at $22,260.
#Bitcoin has had a nice relief rally over the past 2 weeks, but...
Active addresses did not mimic previous successful price breakout this month, analyst says, despite apparently realized price returns as resistance.
Market news
Bitcoin (BTC) is staging a repeat of price action from May with its latest decline, according to the latest data.
As the dust settles on a 6% decline for BTC/USD, analysis indicates that its journey to $25,000 was never meant to last.
Realized price comes back to haunt the BTC chartAfter surprising some with its magnitude, the latest sudden losses for BTC price action are still unfolding.
After dropping from $23,800 to $21,400 in a single hour, the largest cryptocurrency is now trying to establish support near its realized price.
At just under $22,000, the realized price refers to the total sum that the entire supply of BTC last moved to.
The setup will be more than familiar to many market participants, as realized price formed an initial support line during Bitcoin's May descent, immediately following the Terra LUNA explosion.
Bitcoin Realized Price Chart. Source: GlassnodeWith the story rhyming - at least on the chart - it remains to be seen if other recent points of interest will continue to play their part.
Among them is the 200-week moving average (MA), a hard-earned support level in July that now appears to be lost in one fell swoop.
The 50-day MA, cleared in late July, has now also moved back above the spot price at $22,260.
#Bitcoin has had a nice relief rally over the past 2 weeks, but...
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