- Bitcoin has been experiencing wild swings over the past 48 hours, reaching a high above $30,000 and dropping to around $27,000.
- Despite the fluctuations, Hodler’s statistics and 30 days of active address showed positive results.
Over the past two days, Bitcoin (BTC) has been on a wild ride with dramatic price swings that brought it down to $27,000.
Nevertheless, it is currently making a valiant effort to bounce back and regain its place in the $30,000 prize region. Despite the ups and downs, some savvy holders are taking advantage of this market volatility.
Read Bitcoin (BTC) Price Prediction 2023-24
Bitcoin’s highs and lows over the past 48 hours
Leading up to the close of trading on April 27, Bitcoin (BTC) price went on a rollercoaster ride, with some dramatic swings.
Looking at its daily timetable, BTC reached a high of over USD 30,000 before falling to around USD 27,000 over the same period. By the end of the trade, BTC settled at around USD 28,500.
Source: TradingView
At the time of writing, BTC was hovering around $29,000, showing an almost 2% increase in value. While the Relative Strength Index (RSI) suggested a mildly bullish trend, the Moving Average Convergence Divergence (MACD) was below zero.
The position of the MACD indicated weak price movement despite the bullish flashing of the RSI.
Active addresses on different time frames
According to data from SanitationBitcoin’s price surge to $30,000 was accompanied by a significant increase in trading volume.
On the other hand, the sudden drop in prices mirrored the decline of the S&P 500. The market may have been driven by concerns about an impending recession, with the Federal Open Market Committee (FOMC) meeting looming next week.
In addition, the data revealed a decreasing 24-hour active address metric, indicating reduced interactions with the asset.
Source: Sentiment
Despite the decrease in 24-hour active addresses, the 30-day version of the statistic showed a more optimistic picture. The statistic showed an upward trend in active addresses over the past 30 days.
In addition, the number of active addresses at the current level was higher than any other month in 2022 and parts of 2021.
The status of the statistic suggested that despite the drop in the number of daily active addresses, there was still an overall increase in the number of active addresses over a longer period of time.
Source: Sentiment
How much are 1,10,100 BTC worth today?
Bitcoin Hodlers keep accumulating
Furthermore, if there was ever an indication that the recent price drop presented an accumulation opportunity, the Hodler metric provides it.
Recent data from Glasnode revealed an increase in the accumulation rate by BTC Hodlers. The chart showed consistent net position change at the upside despite the price drop and apparent swings, depicting an ongoing accumulation phase.
Despite the recent market volatility, the statistic suggested that Hodlers remained optimistic about Bitcoin’s long-term potential.
Source: Glassnode
