{"id":130998,"date":"2020-04-20T08:00:44","date_gmt":"2020-04-20T07:00:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=130998"},"modified":"2020-04-21T03:22:24","modified_gmt":"2020-04-21T02:22:24","slug":"bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast\/","title":{"rendered":"Bitcoin\u2019s active address count hits 9-month highs, but BTC may still be \u201ctoast\u201d"},"content":{"rendered":"<p>Bitcoin has seen some incredible fundamental growth in recent times, with network activity rocketing throughout the year while the crypto sees relatively strong price action in the face of immense global economic turbulence.<\/p>\n<p>Another fundamental factor that has shown significant signs of growth throughout 2019 is BTC\u2019s active address count, which just recently set fresh 9-month highs.<\/p>\n<p>In spite of this fundamental growth, analysts are still cautious about <a href=\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\">Bitcoin\u2019s price action<\/a>, with one prominent trader noting that the benchmark cryptocurrency could be \u201ctoast\u201d as it taps key resistance and continues following the lead of the stock market.<\/p>\n<figure id=\"attachment_130965\" aria-describedby=\"caption-attachment-130965\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-130965\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves-1024x538.jpg\" alt=\"Bitcoin spot volume is telling a bullish tale as analysts eye macro bottom\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-waves.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-130965\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/bitcoin-spot-volume-is-telling-a-bullish-tale-as-analysts-eye-macro-bottom\/\">Bitcoin spot volume is telling a bullish tale as analysts eye macro bottom<\/a><\/figcaption><\/figure>\n<h2><strong>Bitcoin continues consolidating as analysts point to technical weakness<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> is trading down marginally at its current price of $7,230, which is around the level at which it has been trading at in the time following its rapid rise past its previous resistance at $7,200.<\/p>\n<p>The quiet price action seen throughout this past weekend wasn\u2019t a surprise to investors, as BTC has established a trend of trading sideways on weekends due to the traditional markets being closed.<\/p>\n<p>Analysts still believe that Bitcoin\u2019s close correlation to the traditional markets remains a key point of weakness for the crypto, which also comes as it flashes some signs of technical weakness \u2013 <a href=\"https:\/\/twitter.com\/CanteringClark\/status\/1251945200634736647\">according to Cantering Clark<\/a>, a popular analyst on Twitter.<\/p>\n<blockquote><p>\u201cI think BTC is toasted right now, but it is the weekend. Should be interesting to see how the [S&P 500 future market] opens and how [Bitcoin] responds. Failed auction and hold of previous HTF range that is now acting as resistance.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_130999\" aria-describedby=\"caption-attachment-130999\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-130999 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-1024x545.png\" alt=\"Bitcoin BTC\" width=\"1024\" height=\"545\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-1024x545.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-300x160.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-768x409.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-1536x817.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BitcoinBTC-2048x1090.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-130999\" class=\"wp-caption-text\">Bitcoin Price (Image Courtesy of Cantering Clark)<\/figcaption><\/figure>\n<h2><strong>BTC active address count sets 9-month highs as fundamental strength grows<\/strong><\/h2>\n<p>Bitcoin\u2019s fundamental strength offers a stark contrast to its technical weakness.<\/p>\n<p>One factor that offers insight into this strength is its rise in weekly active addresses \u2013 which just hit fresh 9-month highs today.<\/p>\n<p>Josh Olszewicz \u2013 another well-respected cryptocurrency analyst \u2013 spoke about this occurrence in a <a href=\"https:\/\/twitter.com\/CarpeNoctom\/status\/1251940633310191617\">recent tweet<\/a> while pointing to a chart with data from <a href=\"https:\/\/cryptoslate.com\/companies\/coin-metrics\/\">Coin Metrics<\/a>.<\/p>\n<blockquote><p>\u201cBTC weekly active addresses at 9-month highs.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_131000\" aria-describedby=\"caption-attachment-131000\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-131000 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-1024x381.png\" alt=\"Bitcoin Weekly Active Addresses\" width=\"1024\" height=\"381\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-1024x381.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-300x112.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-768x286.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-1536x571.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/BTCactiveaddresses-2048x761.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-131000\" class=\"wp-caption-text\">Bitcoin Weekly Active Addresses (Source: Coin Metrics)<\/figcaption><\/figure>\n<p>The uptrend seen on the above chart elucidates a trend of growing market participation rates amongst investors and traders.<\/p>\n<p>This phenomenon may stem in part from investors anticipating volatility that could come about as a result of the cryptocurrency\u2019s upcoming mining rewards halving event, which has historically coincided closely with Bitcoin making large price movements in both directions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen some incredible fundamental growth in recent times, with network activity rocketing throughout the year while the crypto sees relatively strong price action in the face of immense global economic turbulence. Another fundamental factor that has shown significant signs of growth throughout 2019 is BTC\u2019s active address count, which just recently set fresh [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":131004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin\u2019s active address count hits 9-month highs, but BTC may still be \u201ctoast\u201d<\/title>\n<meta name=\"description\" content=\"In spite of Bitcoin&#039;s fundamental growth, analysts are still cautious about its price action, with one trader noting that BTC could be \u201ctoast\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin\u2019s active address count hits 9-month highs, but BTC may still be \u201ctoast\u201d\" \/>\n<meta property=\"og:description\" content=\"In spite of Bitcoin&#039;s fundamental growth, analysts are still cautious about its price action, with one trader noting that BTC could be \u201ctoast\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-20T07:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-21T02:22:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitcoin-toast.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoins-active-address-count-hits-9-month-highs-but-btc-may-still-be-toast\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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He owns a non-life-changing sum of Bitcoin and enjoys day trading.","url":"https:\/\/cryptoslate.com\/author\/cole-petersen\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130998"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/174"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=130998"}],"version-history":[{"count":5,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130998\/revisions"}],"predecessor-version":[{"id":131223,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/130998\/revisions\/131223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/131004"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=130998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=130998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=130998"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=130998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}