After the price losses of the last 36 hours, Bitcoin is now again trying to overcome an important area of resistance. Will BTC manage to trigger the next leg of the bull run this time?
Bitcoin wants to exceed $ 46,800
The last 36 hours have been associated with a persistent decline for the Bitcoin price: BTC could not move above the resistance area at $ 46,500, as a result, sagged below the support at $ 46,000. At times, the cryptocurrency number 1 was even traded below $ 44,000.
Last night, however, the recovery turbo began: Starting from $44k, the Bitcoin bulls were able to drive the coin higher and higher in the late evening hours – up to $ 46,100, where Bitcoin is currently trading (time of this article). What’s next from here?
Popular analyst Teddy Cleps expects an early rise above $ 50,000. As he writes to his 124,000 followers in a new tweet, Bitcoin is currently above all key resistance-a rise to $50k is therefore “programmed”:
“BTC is programmed over all major resistors, 50k.“
– NFTeddy (@TeddyCleps) August 13, 2021
The pseudonymous chart expert “LiBZ42” sees here, however, a hurdle in the region around 47.000 dollars. The must be broken and tested again, so that it can come to a further upswing in BTC.
– LiBZ42 (@LiBZ42) August 13, 2021
Top trader @GalaxyBTC, on the other hand, keeps it short and sweet, writes to 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 Providers: This is the Bull run signal
One of the most popular and quoted on-chain data providers, Santiment, also reveals in a recent tweet which “bull run signal” to look 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 for clues as to whether #Bitcoin will exceed the $50k mark or fall below $40k. Currently, 720k to 930k addresses use the $ BTC network daily, and we are looking for an increase above 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 presented. This shows: Even as Bitcoin rose parabolically in May, the number of daily active addresses was repeatedly more than a million. With currently up to 930,000 daily active addresses, Bitcoin is therefore close to this critical limit for the bull run.
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