Bitcoin Bull Run Already Over? Quant Sounds Alarm Over Trend
The post Bitcoin Bull Run Already Over? Quant Sounds Alarm Over Trend appeared on BitcoinEthereumNews.com. On-chain data shows the Bitcoin Active Addresses have continued to see a steep decline recently, a sign that could be bearish for BTC. Bitcoin Active Addresses Have Recently Seen Their Biggest Drop Since 2021 As pointed out by an analyst in a CryptoQuant Quicktake post, the BTC Active Addresses have been seeing a decline since March of this year. An address is said to be “active” when it participates in some kind of transaction activity on the network, whether as a sender or receiver. The Active Addresses indicator keeps track of the unique total number of such addresses that are making transfers on the Bitcoin blockchain every day. The unique active addresses may be considered the same as the unique users visiting the network, so the metric essentially tells us about BTC’s daily traffic. Now, here is a chart that shows the trend in the 100-day Simple Moving Average (SMA) of the Bitcoin Active Addresses over the last few years: The value of the metric appears to have been going down in recent months | Source: CryptoQuant As displayed in the above graph, the 100-day SMA of the Bitcoin Active Addresses had been rising during 2023 and the early parts of this year, but since March, the metric has seen a sharp turnaround, with its value now rapidly going down instead. The reversal occurred around the time of BTC’s new all-time high (ATH), so it’s likely that the indicator’s decreasing is happening due to the consolidation that the coin has since been stuck in. Investors find sharp price action like rallies to be exciting, while sideways movement to be boring, so the Active Addresses registering a downturn in a period like now isn’t too odd. What may be worth noting, though, is the scale of the drop that the 100-day…
The post Bitcoin Bull Run Already Over? Quant Sounds Alarm Over Trend appeared on BitcoinEthereumNews.com.
On-chain data shows the Bitcoin Active Addresses have continued to see a steep decline recently, a sign that could be bearish for BTC. Bitcoin Active Addresses Have Recently Seen Their Biggest Drop Since 2021 As pointed out by an analyst in a CryptoQuant Quicktake post, the BTC Active Addresses have been seeing a decline since March of this year. An address is said to be “active” when it participates in some kind of transaction activity on the network, whether as a sender or receiver. The Active Addresses indicator keeps track of the unique total number of such addresses that are making transfers on the Bitcoin blockchain every day. The unique active addresses may be considered the same as the unique users visiting the network, so the metric essentially tells us about BTC’s daily traffic. Now, here is a chart that shows the trend in the 100-day Simple Moving Average (SMA) of the Bitcoin Active Addresses over the last few years: The value of the metric appears to have been going down in recent months | Source: CryptoQuant As displayed in the above graph, the 100-day SMA of the Bitcoin Active Addresses had been rising during 2023 and the early parts of this year, but since March, the metric has seen a sharp turnaround, with its value now rapidly going down instead. The reversal occurred around the time of BTC’s new all-time high (ATH), so it’s likely that the indicator’s decreasing is happening due to the consolidation that the coin has since been stuck in. Investors find sharp price action like rallies to be exciting, while sideways movement to be boring, so the Active Addresses registering a downturn in a period like now isn’t too odd. What may be worth noting, though, is the scale of the drop that the 100-day…
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