Whale Active Addresses Surge by 30% As BTC Briefly Taps $42,600
After climbing for 10 consecutive days, Bitcoin reached a price-point of $42,600 before cooling off. The price increases were accompanied by a large surge in whale wallet activity, which saw the number of active addresses jump 30% according to crypto analytics firms.
Let’s dig in.
Bitcoin Active Addresses Surge by 30% as Whales Accumulate
Bitcoin saw a surge in network activity throughout the last week as the total number of active addresses jumped 30%, per the latest data by crypto analytics firm Glassnode. In fact, active bitcoin addresses per day increased from 250,000 to approximately 325,000 over the past week.
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Technically speaking
Bitcoin Reaches $42,600 before losing steam
Bitcoin has so far refused to exit the eternal range as the range-bound market structure remains in tact, opening the doors to a (potentially shallow) retest of $34,000 — $35,500.
Over the weekend, the coin reached $42,636 before losing steam, closing the monthly and weekly candles above the pivotal $39,000 price. As mentioned in the last newsletter, such a close is certainly nothing to get euphoric about, but it does suggest robust market conditions with plenty of buying interest, bolstering arguments for long-term bullish continuation.
From a monthly standpoint, BTC/USD is evidently in a better state than it was at the start of June. In fact, the monthly time-frame arguably indicates strength following a bounce from the 20-monthly EMA.
On the weekly chart, BTC/USD has so far been rejected at the .382 fib level (measured from the all time high to the local low), but still closed just above $39,840. Bears relying on typical fib retracements would argue that $42,600 was the top of this corrective move and that the next stage of downward momentum should begin momentarily, with a potential target being $26,000 — or if you’re really bearish — $20,000.
However, after 10 consecutive green candles, the wider market structure is at the very least neutral and not convincingly bearish in my estimation.
That said, in order for bulls to nullify the catastrophic bearish thesis briefly described above, Bitcoin must continue to close weekly candles above the 20-weekly EMA. As mentioned previously, the best case scenario for sidelined bulls would be a retest of the pivot followed by an impulsive move higher to $50,000-$52,0000.
Fix the money, fix the world.
From a non-trading perspective, it is clear that people in allegedly free countries haven’t been this divided in decades. These divisions have become so binary and so absolute that social media platforms are now political echo-chambers on topics that should not be political in nature, be it the hard sciences or even finance.
And where once we had the freedom to object, to live and think for ourselves we now have online censors soliciting our conformity and coercing our submission. I remember a time when we actively engaged with people of opposing views — today we’d rather block out anything that doesn’t fit. And in a world that seems determined to avoid physical meetings, the prospects for ongoing nasty human behaviour are not zero. The censorship has reached a point where businesses who do not conform to certain political directives are not even allowed to participate in the traditional financial system, because popular payment processors block their access to the financial system.
In an increasingly digitalised global monetary system, this threat grows by the day and highlights how bitcoin’s absolute success is mission critical to a free and open future. I say ‘our’ very loosely, so as to include all those who simply believe in what made the West great and prosperous in the first place. The freedom to earn a living (without being taxed into poverty or having your earnings exponentially inflated away), and the freedom to discuss things openly without fear of losing one’s livelihood for holding the wrong opinion.
There is a limit to how much a system can take before the scales tip in favour of tyranny, and it seems to me like the ship is sinking and Bitcoin is the life raft.
Bitcoin represents the opportunity to return to the principles which we have forgotten. It is the metaphorical wake-up-call that pushes us out of apathy and it is absolutely necessary.
Catch you later.
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Best regards,
Christopher Attard
Founder of Chris on Crypto
Contributor to www.cityam.com
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Originally published at https://mailchi.mp.
