- Active addresses of Bitcoin have been high for six months, which suggests a strong market interest.
- BTC is currently trying to keep its outbreak above $ 97,000.
Call for a goal of $ 100k while Bitcoin [BTC] Just dropped 4% of his $ 97k high in just three days maybe sound a bit ambitious.
On the side of the chain, however, Bitcoin recently recorded its highest network activity in six months, with 925,914 active addresses in one day, when BTC was at $ 96,951.
You would think that that kind of buzz would send BTC, right? Instead, BTC fell almost 2%the next day.
This reflects a similar pattern from the beginning of March, when active addresses were on 7 March (the highest in a week) to 860K, only for BTC to retrieve 7% if active addresses fell shortly afterwards.
Source: Glassnode
This price action behavior reflects a bearish divergence between activity in chains and price movement.
Further research per ambcrypto revealed that on the same day the active address number increased, around 5,000 BTC (worth around $ 484 million) flowed to Derived exchanges.
Consequently, this speculative positioning meant instead of real spot BTC question. So, instead of long -term holders, the market could see a lever -driven sale, which probably caused the price dip.
Does Bitcoin play without FOMO as active addresses?
The last time Bitcoin had the real spot question was on April 29, when the net outlets were enriched in all fairs while BTC was priced at $ 94,280.
Since then, although the prize has recovered the most important resistance levels, the net flows have largely remained flat. It seems that Retail is taking a step back – can this be a sign of bullish fatigue?
Source: Cryptuquant
This worse, Bitcoin’s active addresses Sharp from a peak of six months on 2 May fell to a low -point of two weeks of 618k the next day.
This drop reflected a clear hesitation among traders to buy in buying space near the $ 97k level. Therefore, signaling decreasing participation and restraint to collect BTC in increased ratings.
In this context, the purpose of $ 100k seems to be increasingly speculation.