Identifying what’s stopping Bitcoin [BTC] from climbing the charts
— Addresses, Per glassnode, Stopping, Problems still exist, Bitcoin ’, Increasingly difficult, Chain data sending, Glassnode, Crossing, Quick — 1 min read
Early morning bulls of 6 July are helping Bitcoin [BTC] retain its position above $20,000. However, investor confidence is at a low after the worst Bitcoin performance in a month since 2011. With on-chain data sending out mixed signals, it can be speculated that Bitcoin’s spike-and-drop saga is to continue for a few more weeks, even months. The Percent UTXOs in Profit (7d MA) reached a two-year low of 72.721% after crossing the previous high on 4 July. The number of active addresses has plunged down by 13% since November 2021 to currently stand at 870,000 as 4 July. The dropping number not only depicts the struggle to get new users on the network, Source