HD: Bitcoin increased on-chain movement could indicate this about the network
- Bitcoin is seeing more on-chain activities as average monthly addresses witness an increase.
- Despite the price increase, BTC has been unable to reclaim the $30,000 price range.
The on-chain activity of Bitcoin [BTC] appears to be increasing, indicating higher levels of interaction and usefulness. When comparing the monthly average of new wallets to the yearly average, it is evident that the monthly average is currently on the rise.
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New monthly Bitcoin addresses impress
Recent data on Bitcoin showed significant network growth at present. According to the data, the monthly figures revealed higher activity when comparing the average number of new wallets per month to the average number of new wallets per year.
This suggested that there was an increase in monthly interaction with the network. The improved network utilization also sets the stage for a potential positive price movement.
Earlier reports indicated that Bitcoin was experiencing an increase in the number of new addresses joining the network. However, it was observed that there was no corresponding uptrend in the number of active addresses.
Nevertheless, the latest statistics suggested that the growth in the number of new addresses could be the initial phase. Furthermore, there might be a subsequent increase in interaction on the network soon.
Bitcoin holders increase
Based on data from Santiment, Bitcoin has been witnessing an increase in holders. The chart revealed a significant addition of holders from Q1 until the present moment. As of this writing, the number of holders had surpassed 48 million and continued to rise.
Furthermore, as per Glassnode, over 1 million addresses were holding more than one Bitcoin, which was also on the rise. These trends indicated that the accumulation of BTC was ongoing, even as new addresses continued to emerge.
BTC price struggles continue
On the daily timeframe chart, Bitcoin has been attempting to recover from the approximately 3% decline it experienced on 24 July. At the time of writing, it was trading around $29,300, and the less than 1% increase was insufficient to push its price back to the $30,000 range.
Despite this recent increase, the bearish sentiment indicated by the Moving Average Convergence Divergence (MACD) has not been overturned.
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However, there seems to be an effort to establish a new support level in the price range of $28,000 to $29,000, where its short Moving Average currently lies.