Bitcoin at a Turning Point? BTC Network Activity Falls to 2018 Bear Market Levels
TL;DR
- Bitcoin network activity has fallen to levels comparable with the 2018โ2019 bear market, with the 30-day and 100-day active-address averages reaching multi-year lows.
- Both activity averages have recently recovered, while BTC remains above its June low of $58,535, creating a more constructive setup for bulls.
- Historical data shows that low network activity alone cannot confirm a Bitcoin bottom, but the combination of recovering activity and price stabilization provides a signal worth monitoring.
Bitcoin network activity has reached historically depressed levels, raising questions about whether the current market is approaching another major turning point. The 30-day moving average of active addresses dropped to 609,688 on July 19, while the 100-day average reached 621,957 on July 27. Those readings are comparable with levels recorded during the 2018โ2019 Bitcoin bear market.
Active addresses represent unique Bitcoin addresses sending or receiving BTC each day. The metric does not equal the number of individual users because a single person, company, or institution can control multiple addresses. Moving averages help filter short-term volatility and reveal broader changes in network activity, making them useful indicators when evaluating Bitcoinโs underlying usage.
โฆ Continue reading the full article at the original source below.
