With the sharp rise in bitcoin, the network activity of bitcoin has significantly increased, and the surge in active address numbers is clear evidence. Data shows that after lackluster performance in July and August, user engagement with this cryptocurrency has begun to recover since early September.
In terms of background, the momentum indicators of active bitcoin addresses are used to track changes in the level of user activity on the network. By comparing monthly and yearly moving averages, this indicator helps detect patterns of increasing or decreasing participation. In this case, the number of active bitcoin addresses has surged above the monthly and yearly moving averages, indicating a potential turning point for the network.
The bitcoin price continues to be supported and maintains its upward momentum, breaking through the 67,500 resistance level. BTC breaks through the 67,800 resistance level, entering positive territory. The price even surpasses the 68,000 and 68,200 resistance levels. The price peaks at 68,328 and is currently consolidating the gains. The price slightly drops below 68,000. The price retreats and tests the 23.6% Fibonacci retracement level from the swing low of $64,686 to the high of $68,28.
The current trading price of bitcoin is above 67,200 and the 100-hour.Simple Moving AverageOn the hourly chart, a bullish trendline connection is currently forming.ResistanceAt 66,800.
Overall, the price may face pressure near 68,000. The first key resistance is around 68,350. We are bullish today but not entering long positions. Currently, there is no clear signal of an uptrend. We stick to yesterday's strategy, focusing on buying at support levels during pullbacks.
The market changes rapidly, and specific entry and exit points should be determined based on real-time market conditions. Follow the trend when breaking through key levels! Enter the market with a small position, avoid greed, and take profits. Pay attention to risk management! If you want to follow the trades, feel free to discuss and exchange ideas with me.