Bitcoin is trading above $11,500 but still consolidating under a crucial resistance level of $11,800. The new on-chain data unveils that BTC investors are growing in numbers.
RoundBlock Capital CEO Brock Connelly pinpoints that daily active users are approaching 2017 highs. At that time, price witnessed an all-time high value of $20,000, and so, there are now strong chances of a bullish breakout. Connelly said:
“Has anyone noticed, daily active addresses (Bitcoin) is back above June 2019 levels, and approaching high of 1.29mm in December 2017. BTC market feels much different now.”
Uptrend is Intact
In the past three weeks, the leading digital asset surged by almost 28% and many analysts believe that Bitcoin uptrend is still intact.
On August 2, futures worth $1 billion liquidated on various derivatives exchanges which resulted in BTC price crash from $12,000 to $10,500 in less than an hour. But after that, the price showed a steady bullish attitude.
$12,000 is a strong resistance level as the latest crash happened when the price tried to cross $12k. Throughout the past, $12k proved as a strong hedge position against rising value. In order to start a bullish rally, Bitcoin will have to break above this level.
As the new on-chain data shows that BTC addresses are steadily surging. Similarly, the numbers of investors, who are accumulating BTC, are also increasing.
Investors are in Profit
Bitcoin is rising slowly upward because investors are in profit. The researchers from IntoTheBlock said:
“The Bitcoin network has a total of 702.11 million addresses, from which 30.99 million currently have a balance in BTC. At the current price of $11,758.8, 93.76% of the addresses with a balance are currently profiting from their BTC positions. “
The position of $12,000 is very important because it will decide the price value in the next coming days. On analyst said:
“$BTC & $ETH HTF Resistances. I’m only considering 12k+ btc prices once it closes convincingly above the HTF mid range. Until then, expecting lower prices to get back fully into bitcoin and possibly eth.”