Bitcoin may be poised to explode as on-chain metrics soar. The spike in network growth and clear interest may indicate further gains. Breaking the $42,100 resistance level would confirm the optimistic outlook. cryptocoin.com We are focusing on the next levels.
Where are the metrics for bitcoin?
Several on-chain metrics show that Bitcoin is gaining strength for a significant bullish impulse. BTC gained nearly 5,000 points in market capitalization, rising from a low of $37,600 on March 14 to $42,400 on March 19. Bitcoin’s uptrend seems to be strengthening, although prices have retreated by around 5% in the last 48 hours. The number of new addresses joining the Bitcoin network has increased significantly since February 21, making a series of higher and higher lows.
The number of new addresses joining the Bitcoin network has increased significantly since February 21, making a series of higher and higher lows. The uptrend in this on-chain metric indicates the growing interest of marginal investors who seem to be reentering the market. More than 480,000 Bitcoin addresses were created on March 17 alone, which is a strong positive signal for further upward price action. The constant increase in the number of new addresses created on a particular blockchain often leads to higher prices over time.
Open positions are increasing
A similar upward trend can be seen in the futures markets, where the number of open positions, including both long and short positions, has been steadily increasing since March 7. The higher the open position, the more liquidity, volatility and attention come. A sustained increase in open interest exceeding 12.36 million could support Bitcoin’s recent price surge.
Still, the transaction history shows that there is a significant resistance wall that must be broken for Bitcoin to move further. IntoTheBlock’s Entry/Exit Price model around Money reveals that 1.57 million addresses previously purchased approximately 760,000 BTC between $40,900 and $42,100. A decisive daily candlestick above this hurdle could give Bitcoin the strength to break the next critical barrier sitting at $46,500.
IOMAP also shows that the top-ranked cryptocurrency is above stable support, as over 1 million addresses previously bought 1.23 million BTC at an average price of $40,300. As long as Bitcoin continues to trade above this foothold, there is a chance for further progress. Failing to do so, however, could result in a drop to $37,500.
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