After the price losses of the last 36 hours, Bitcoin is now trying again to overcome an important area of resistance. Will BTC succeed this time in triggering the next stage of the bull run?
Bitcoin aims to top $ 46,800
The last 36 hours have been associated with a sustained decline in the Bitcoin price: BTC was unable to move above the resistance area at $ 46,500, but fell below the support at $ 46,000 as a result. At times, the number 1 crypto currency was even traded below $ 44,000.
Yesterday evening, however, the recovery turbo began: starting from $ 44k, the Bitcoin bulls were able to push the coin higher and higher in the late evening hours – up to $ 46,100, where Bitcoin is currently trading (at the time of this article). How do you proceed from here?
Popular analyst Teddy Cleps expects it to surge over $ 50,000 soon. As he writes to his 124,000 followers in a new tweet, Bitcoin is currently above all key resistances – an increase to $ 50k is therefore “programmed”:
“BTC is programmed over all important resistors, 50k.”
– NFTeddy (@TeddyCleps) August 13, 2021
However, the pseudonymous chart expert “LiBZ42” sees a hurdle in the region of $ 47,000. It has to be broken and retested so that BTC can see another upturn.
– LiBZ42 (@ LiBZ42) August 13, 2021
Top trader @GalaxyBTC, on the other hand, keeps it short and sweet, writes his more than 100,000 followers in a recent tweet:
“BTC & ETH all time highs next month.
– Galaxy (@galaxyBTC) August 13, 2021
On-chain data provider: This is the bull run signal
One of the most popular and most cited on-chain data providers, Santiment, also reveals in a recent tweet which “bull run signal” to watch out for: the number of BTC addresses used daily. This is currently between 720,000 and 930,000 addresses. And Santiment emphasizes: If the number moves over 1 million daily BTC addresses, this finally signals that the Bitcoin bull run has begun.
“Address activity continues to be a very important metric to provide clues as to whether #Bitcoin will cross the $ 50k mark or drop below $ 40k. Currently, 720k to 930k addresses are using the $ BTC network every day, and we are looking for an increase over 1 million as a #bullrun signal. “
📊 Address activity continues to be a very important metric to watch for hints on whether #Bitcoin will cross $ 50k or fall below $ 40k. Currently 720k to 930k addresses use the $ BTC network daily, and we’re looking for a spike above 1m as a #bullrun signal. https://t.co/E19gJAxvRp pic.twitter.com/NT93zWHpqh
– Santiment (@santimentfeed) August 12, 2021
Here you can see live how many active Bitcoin addresses there are currently per day. The historical course is also shown. This shows: Even when Bitcoin rose parabolically in May, the number of daily active addresses was always more than a million. With currently up to 930,000 daily active addresses, Bitcoin is close to this limit, which is critical for the bull run.
Top broker for buying and trading cryptocurrencies
- Buy real Bitcoin or Bitcoin CFDs
- Wallet and exchange in one
- 14+ cryptos
- Excellent trading tools
- Large knowledge and training database
- Very good spreads
Cryptocurrencies are a very volatile, unregulated investment product. Your capital is at risk.