The price of Bitcoin (BTC) rebounded strongly to break through the $22,000 level, signaling an increase in sentiment among investors. Interestingly, the recent rise in the price of BTC led to a massive increase in the number of daily wallet addresses. The weekly average is almost 410,000 'addresses'. A further increase in the weekly 'address' average to over 415,000 would confirm the 'bull' momentum.
Since the price of Bitcoin is still at the level of $20k, the question that is still circulating is whether the price of BTC has reached the lowest level or not. Based on past data, September was not a good month for Bitcoin, plus volatility also increased amid the CPI data that will decide whether the Fed will raise rates by 50 or 75 bps on September 21. Further, this week's Ethereum Merge is also expected to impact Bitcoin network activity.
Crypto analyst Ali Martinez in his tweet on September 12 opined that Bitcoin recorded an increase in the number of daily addresses, with the weekly average reaching over 410,000 addresses. If the average number of weekly addresses jumps above 415,000, it will confirm the bullish outlook.
Glassnode also recorded that the number of new daily BTC addresses on the network is seen to be increasing nicely, with a weekly average of around 410,000 addresses. A sustained move above 415,000 BTC addresses could confirm a more optimistic outlook.”
Furthermore, according to on-chain platform Santiment, the Bitcoin Transaction Ratio in Profit/Loss data is at its highest level since March. It shows an increase in profits as the number of investors increases in re-trading amid the BTC price rise.
Bitcoin (BTC) price recovery from $18,702 saw investors take the opportunity to buy at low prices to make some profit. It caused the price of Bitcoin to climb back above $22k today for the first time in 3 weeks. Coupled with the depreciation of the US dollar since September 7 also pushed the price increase sentiment in the market.
