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Ali, a cryptocurrency analyst, points out an interesting trend taking place now as Bitcoin hovers below $26,000. He stated that around 527,000 new BTC addresses are created every day, marking a new annual high.
Ali cited Glassnode data to illustrate a surge in new addresses that is steadily increasing. The most significant increase occurred between late August and early September, when the number of new addresses exceeded 510,000.
Compared to previous months, Bitcoin recorded an average of around 390,000 new addresses every day in May. This number has increased and reached a new annual high of around 527,000.
According to the crypto analyst, this could indicate that interest in BTC has increased despite the weak trading activity. Ali further elaborated on what this could mean for Bitcoin’s long-term prospects: The increase in participation could be seen as a positive sign of continued interest and trust in the network.
The Bitcoin network seems to be exuding some positive sentiment despite declining prices. On-chain analytics firm IntoTheBlock reported that Bitcoin network fees rose 38% this week as ordinal entries reached their second-highest daily amount.
Bitcoin price development
Bitcoin remained below $26,000 on Saturday and was up slightly daily to $25,860 at press time. Bitcoin temporarily surpassed $26,000 in the past few days, but bulls were unable to sustain the increase.
Bitcoin experienced a significant sell-off the previous week and has remained in subdued trading since then.
After trading just above $29,300 for several weeks, Bitcoin price gradually declined and broke through numerous long-term moving averages, including the 111-day, 200-day, and 200-week averages. With Bitcoin now sitting below $26,000, it has seen a significant loss of market support and bulls now have their hands full.
Although the loss of crucial moving average technical support may have put bulls on the defensive, there remains hope for a recovery in BTC price.
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