On-Chain Data Points Bitcoin Rise! BTC Analysis

Unlike 2022, cryptocurrencies made a good start to 2023. The gradual reduction of uncertainty in macroeconomic conditions pushes investors to re-invest in riskier assets.

Bitcoin has gained 28% since the beginning of the month, bringing market dominance from 42% to 43.40%, bringing more profit than altcoins.

With the rise recorded since the beginning of the year, some on-chain data is giving the green light to a new bull market.

BTC Price Rises Above These Two Moving Averages!

According to the latest data from on-chain tracker Glassnode, the leading cryptocurrency is showing some positive signals. Bitcoin started to trade above the 200-day moving average and the realized price average for the first time after a year.

With the upward movement in Bitcoin, the data shows that new investors are joining the market. According to the data, the momentum in the number of BTC wallet addresses continues to strengthen in the positive direction.

Latest Status in Bitcoin

The leading cryptocurrency is currently trading around $21,000.

In Bitcoin, which rose breathlessly last week and exceeded the psychological limit of $ 20,000, the bears have been defending the $ 21,500 resistance in recent days. Assuming that Bitcoin does not hit $20,000 again, we can say that the bulls’ hand is stronger.

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