bitcoinis struggling to sustain its bullish sentiment after a good first quarter for miners and investors. Although the price has seen a slight increase in the last 24 hours, it continues to trade around $27,300. The move towards the psychological level of $30,000 is having difficulties, with expectations for a drop to $24,000. Technical analysis, on the other hand, shows that a “head and shoulders” pattern is trading below the “neck”.
Additionally, the daily 50 MA has been acting as a resistance level for the past two weeks, which shows that sellers are slowly outpacing buyers. The rise of BRC-20 tokens has briefly boosted Bitcoin’s on-chain activity, including daily average transactions that have recently risen to ATH.
What Does Bitcoin Unique Address Number Mean?
The Bitcoin unique address count is used when analyzing the demand for BTC in the global market. According to a report by Santiment, the number of unique BTC addresses has recently dropped to a 22-month low. Although BRC-20 tokens continued to rise, the number of addresses fell below 800,000.
Liquidity in the Bitcoin market has declined in the recent past caused by global geopolitical differences. For example, crypto pressure in the United States has reduced USD on/off ramp services. According to market aggregate data from Kaiko, altcoin liquidity has dropped by about 17 percent last month, compared to 4 percent and 2 percent for Bitcoin and Ethereum, respectively.
You can follow the current price action here.