According to Santiment, Bitcoin (BTC), which is still hovering in the $19K area, small- to medium-sized addresses are climbing the ranks.
Market insight provider explained:
“Bitcoin’s small to mid-sized addresses (holding 0.1 to 10 BTC) hold an AllTimeHigh 15.9% of the coin’s available supply.”
Source:SantimentBitcoin addresses have seen an increase in activity. Santiment added:
“The number of Bitcoin addresses holding 10,000 to 100,000 $BTC & addresses holding 10 to 100 BTC have reached their highest amount of respective addresses since Feb, 2021. As the number of addresses on a network rises, utility should follow suit.”
Source: Santiment
Market insight provider Bitcoin expects Bitcoin’s use cases to rise as more addresses are added. This is a positive sign, as demand may rise, pushing prices higher.
Important is to keep the ground at $19.3K.
Michael van de Poppe thinks that Bitcoin’s lack of a substantial boost is due to tightening macroeconomic conditions. This can lead to a push to $22,000. The crypto analyst pointed out:
“The area around $19.3K is key to hold and then we can expand to $22.2K.”
Source:TradingView/MichaelvandePoppeAli Martinez, an analyst who shared similar sentiments, stated recently that the most popular cryptocurrency should be kept above $19 200 to reduce selling pressure. Blockchain.News reported.
According to Bitcoin.com, the price of Bitcoin hovered at $19,260 during intraday trades. CoinMarketCap.
Tajo Crypto, a market analyst who goes by the pseudonym Tajo Cyber believes that Bitcoin is still in the consolidation phase. However, this belief is based on unfavorable conditions such as inflation and rate hikes. Tajo Crypto noted:
“Bitcoin has been between $18K and $25K since July and there seems not to be enough catalyst to make it drop to $17K or pump to $26K. Bitcoin prices will continue to fall due to the rate hike and inflation. Bitcoin consolidation is far from over.”
The market’s performance in the short-term is still to be seen, since the UNCTAD recently warned of a global recession if tightened fiscal or monetary policies continue.
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