Bitcoin’s network activity hits an all-time high while being caught in the intense upswing movement and buyers maintaining full control of the price action once they pushed above $19,000. In today’s latest bitcoin news, we are reading more about the analysis.
The strength of the latest push higher came once the entire market rallied in tandem which usually means that the crypto market is caught in a full-fledged bull trend. Where will BTC trend next depends on the entire market tone, Bulls could come close to its daily candle above $18,600 for it to extend the momentum in the near-term. This comes as the BTC network started growing and becoming healthier with the utilization reaching an all-time high.
BTC and the rest of the aggregated market were caught in the throes of one of the most intense bull markets since 2017 but it’s not only BTC that is setting a new fresh all-time high but the rest of the market is also pushing higher along. Ethereum’s recent break above $500 allowed the entire DeFi sector to race higher as well with all the blue chips Defi assets outperforming most of the markets. This is not an unjustified upswing either since Bitcoin’s network activity health is the strongest it has ever been. At the time of writing, BTC started trading up over 4% with a current price of $18,700 which marks a huge upswing from the recent lows of $17,400 a few days ago.
the intensity of the market upswing is growing stronger with prominent voices in the traditional financial markets shilling BTC like Blackrock CIO. BTC is now trying to flip the $18,600 resistance into support with the possibility to see more momentum in the weeks ahead. One data aggregator explained that bitcoin’s network health reaches the highest levels that were seen in ages. This comes as the on-chain activity reached an all-time high with active BTC addresses hitting levels not seen since January 2018:
“Bitcoin on-chain activity is closing in on new all-time highs. There were 1.19 million $BTC active addresses, the highest value since Jan 2018.”
Where will the market trend next in the near-term depends on Bitcoin’s upcoming daily close but the immense macro momentum only shows that this uptrend will stay longer.
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