This level confirms that the bulls are taking over the market and making a massive rise in the price of Bitcoin (BTC)

This level confirms that the bulls are taking over the market and making a massive rise in the price of Bitcoin (BTC)

Bitcoin (BTC) price is recovering strongly to break above the $22,000 level, which indicates rising sentiment among traders. Interestingly enough, the recent surge in bitcoin prices has led to a massive increase in the number of daily addresses. The weekly average is approximately 410,000 titles. Another increase in the average weekly headlines to over 415,000 will confirm the bull’s dominance.

Bitcoin (BTC) Price Waiting for Bulls to Take Over

With the price of Bitcoin continuing to rise in the bear market, the question remains whether or not the price of BTC has fallen. Historically, September hasn’t been great for Bitcoin and volatility is on the rise amid CPI data that will decide interest rates by 50 or 75 basis points by the Federal Reserve on September 21. Moreover, the Ethereum consolidation this week is also affecting the activity of the Bitcoin network.

Crypto Analyst Ali Martinez at A tweet On September 12 he said “It could be the bottom!” Bitcoin records an increasing number of addresses daily, with the weekly average reaching over 410,000 addresses. If the number of weekly titles jumps to over 415,000, this will confirm a bullish outlook. Hence, BTC bulls may take over from the bears.

    Average weekly bitcoin addresses
Average weekly bitcoin addresses. Source: Glassnode

“New issue daily BTC The addresses on the network seem to be increasing rapidly, with the weekly average hovering around 410,000 addresses. Continuous movement above 415,000 Bitcoin Headlines can confirm the optimistic forecast.”

The 7d moving average chart indicates the number of new titles that jumped to mid-June levels. Previous high near 415000. Hence, rise above 415000 is important to confirm bullish rally.

Moreover, according to the series platform EmotionThe proportion of bitcoin transactions in profit/loss data reached its highest level since March. It indicates an increase in profits as traders jumped to trade again amid the BTC bounce.

Bitcoin Profit and Loss Transaction Ratio
The percentage of bitcoin transactions in profit / loss. Source: Santiment

“BTCThe ratio of trading in profit to loss is at its highest level since March, and it appears that many have taken this moderate bounce back as a catalyst to trade again.”

Factors Influencing the Strong Bitcoin Price Rise

Bitcoin (BTC) price recovery from $18,702 has seen traders take advantage of the “buy on dip” opportunity to make some profits. This resulted in Bitcoin rising again above $22,000 today for the first time in more than 3 weeks.

Also, the continuous decline in the US Dollar Index since September 7th has increased the bullish sentiment in the market. Furthermore, futures and options are seeing increased interest.

The introduction of MicroStrategy with the Securities and Exchange Commission (SEC) to buy more bitcoins also contributed to the rally.

Varinder is a writer, tech editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge about Blockchain, Cryptocurrency, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a long time and is currently covering all the latest updates and developments in the crypto industry.

Submitted content may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication assumes no responsibility for your personal financial loss.

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