Bitcoin Edges Toward Breakout: Are All-Time Highs in Sight Again

5月26日

Bitcoin Edges Toward Breakout: Are All-Time Highs in Sight Again?
Bitcoin is poised to overcome the recent $70,000 barrier, setting the stage for a potential new all-time high.
The rising count of active addresses signals a surge in user participation within the Bitcoin network.

Bitcoin over the daily chart appears to be gathering momentum following a brief consolidation and subsequent breakout. This pattern suggests the conclusion of a corrective period, potentially ushering in a new bullish cycle.

At the time of writing, Bitcoin was exchanging hands close to $69,114, experiencing a modest intraday decrease of approximately 0.25%. Additionally, the growing number of active addresses hints at an extended upward journey for BTC.

Let's analyze it thoroughly and try to ascertain Bitcoin's future trajectory.
Active Addresses Marks The Increasing User Engagement
While other indicators have not shown much change, the count of active Bitcoin addresses has been on the rise over the past week, signaling a boost in user engagement and potentially pointing to increased demand.

<iframe title="Santiment Chart: Price (BTC), Active Addresses 7d (BTC), Active Addresses 24h (BTC)" width="1170" height="425" src="embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2023-11-26T18:29:59.605Z&dt=2024-05-26T18:29:59.605Z&emcg=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>

The provided chart illustrates the Bitcoin price in conjunction with the counts of active addresses over 24 hours and 7 days. A closer look at the chart reveals an uptick in both the daily and weekly active address counts. This growth in active addresses suggests a heightened level of user activity, which could lead to greater demand for Bitcoin.

Moreover, Active addresses are distinct addresses belonging to token users who engage in transactions within a specific period. An increase in these numbers suggests that more individuals are actively using and trading Bitcoin, which could indicate rising demand and, consequently, an increase in the token's value.
Is Bitcoin Preparing To Surpass Its All Time High?
Bitcoin's latest peak reached $73,700, occurring shortly before the halving event. Currently, the BTC price is merely a 7% down from its All Time high.

The daily chart indicates that Bitcoin underwent a correction starting mid-April, with over 20% drop, forming a descending channel pattern. However, it has recently broken out of this pattern, suggesting the correction phase might be over.



The price trend is now showing higher lows which is a clear indication of a positive trend. The $70,000 mark is the current resistance level; surpassing it could lead bulls to aim for a new all-time high beyond $73,700.

Should the price close below $66,500, it could negate the bullish breakout, potentially driving the price down towards $65,000.
Conclusion.
Bitcoin is rebounding after a consolidation signaling a new bullish phase. Despite other indicators remaining static, the rise in active addresses over the past week indicates growing user engagement and potential demand.

Moreover, At the time of writing, BTC was merely 7% down from its All time high. Any sustained move above $70,000 could signal a new peak. Conversely, a dip below $66,500 might reverse the trend, pointing towards a possible decline to $65,000. The overall trend shows Bitcoin's resilience and potential for further growth.