Bitcoin exceeds $ 55,000 for the first time in five months
Key points to remember
- Bitcoin briefly crossed $ 55,000 today. The bullish movement brings its market capitalization back to over $ 1,000 billion.
- The on-chain activity shows that the network is growing, suggesting further gains on the horizon.
- Going over $ 56,500 could take BTC to new all-time highs.
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Bitcoin briefly exceeded $ 55,000 for the first time since mid-May today. On-chain data shows that BTC may register further gains if it holds above a crucial support level.
Bitcoin turns bullish
Bitcoin seems unstoppable.
The price of BTC has risen nearly 8% in the past three hours. The major cryptocurrency peaked nearly five months above the resistance level of $ 55,000, pushing its market cap down to over $ 1,000 billion. Currently, BTC is stabilizing above the $ 54,000 mark; the sudden bullish impulse liquid over $ 200 million in short positions in the market.
Recent Bitcoin price action has not gone unnoticed. IntoTheBlock’s “Daily Active Addresses” model reveals that the number of new addresses created on the BTC network is steadily increasing. The on-chain metric recently hit a higher high of over 480,000 addresses per day calculated on a three-month rolling average.
A continuous increase in the number of new addresses being created on the Bitcoin network is often considered one of the most accurate price predictors. Usually, increasing network growth results in higher prices.
While the outlook is bullish given the network activity, Bitcoin still faces a major resistance hurdle ahead.
Transaction history shows that over 750,000 addresses have already purchased nearly 450,000 BTC between $ 55,700 and $ 57,350. Due to the importance of this supply barrier, the asset may need a daily candlestick near this level to retest the all-time high at $ 65,000 or enter price discovery mode.
It should be noted that Bitcoin appears to be based on stable support. Over a million addresses bought around 650,000 BTC at an average price of $ 50,150. As long as this wall of demand continues, the odds will favor bulls considerably.
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