Bitcoin (BTC) has been slowing of late, with price action relying on previously restored support areas to continue its uptrend and stellar year-to-date performance. Recently, there have been more expectations for BTC to reach new levels and make yearly highs.
Despite the slowdown in Bitcoin’s price action, some indicators are suggesting that it could be on the verge of a significant uptrend along with market sentiment. This uptrend may lead to a new bull run as investors return to the cryptocurrency market en masse.
Bitcoin fuels for the long drive
The chart below shows that despite an ongoing downtrend, investors are once again betting and bullish on the crypto market. The latter is for investors and financial institutions in the rearview mirror.
Source: Bytetree
According to a report by ByteTree, Exchange Traded Funds (ETFs) have seen their holdings surge. Not one, but three different ETFs added over 1,465 bitcoins this month.
This suggests that market sentiment in the crypto industry has changed since early 2023, despite crises such as the bankruptcy of FTX, Three Arrows Capital, and the recent feud between Gemini and Genesis.
Together, retail investors and wealthy investors are fueling BTC’s rally. The graph below shows that tThe number of addresses holding bitcoin has grown significantly over the past month. The number of addresses with 0.1+ coins, often associated with retail investors, hit an all-time high (ATH) of 4,217,261, according to Glassnode data.
Source: Glassnode via Twitter
The previous all-time high for addresses was reported by Glassnode on January 11, 2023, with a crowd of 4,217,135 addresses holding the featured currency.
Source: Altcoin Sherpa via Twitter
In the table above divided over a tweet From “altcoin Sherpa” there are similarities in Bitcoin’s current market price action and daily chart, after falling from its all-time high of $69,000, months of accumulation and sideways movement, and the start of momentum before a full lift off to recapture the previous high , with the expectation of reaching new levels and exploring new areas.
Is that enough for a BTC price rally?
Currently bitcoin is trading at $23,150, up slightly in the last 24 hours after a small retracement to regain strength and target the next target of $23,800. Bitcoin has barely made any gains over the past seven days, up 0.8% in the sheets.
BTC price is recovering on the four-chart. Source: BTCUSDT Trading View
According to a recent report According to NewsBTC, Bitcoin could see another downside correction if the currency fails to clear the $23,250 resistance level, which may result in a failed attempt to continue to support the support line near the $22,650 zone.
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