Can Bitcoin Upside Continue Towards Ethereum ETF Launch?

Over the last week, we are not seeing a promising number of transactions on the Bitcoin network using the daily, 7DMA, but with Bitcoin crossing the $60,000 mark, we might see Blockchain making another new highs.

Bitcoin Transactions Per Day is at a current level of 735686.0, up from 658355.0 yesterday and up from 421666.0 one year ago. This is a change of 11.75% from yesterday and 74.47% from one year ago.

There have been a drop on the Bitcoin active addresses on the Bitcoin network when the price goes below $58,000. So are we going to see more active addresses coming back?

This could be due to the lower fees, but normally Bitcoin lacks active address growth and significant on-chain volume in a divergence from previous BTC price bull markets.

So if Bitcoin were to rise further but there is still no significant active address growth, then the Bitcoin price rally might be just a short and volatile one.

Despite the market downturn, the number of new addresses on the Bitcoin network has reached a two-month high, with the seven-day moving average (7DMA) recording over 317,000 new addresses on Friday, July 5. This increase is particularly noteworthy given that BTC's price has fallen by over 10% during the same period.

So that does not mean an increase of the number of new addresses, The seven-day moving average of the average transaction fee on Bitcoin reached lows of just $1.75.

But now we are seeing number of new addresses on the Bitcoin network declined, and the average transaction fee on Bitcoin does not seem to change much. So are we going to see another surge in new addresses now that BTC has crossed the $60,000 mark?

By looking at the transactions, and also the active address growth, that does not suggest that Bitcoin at present rally above $60,000 would last. That rally might be due to some volatile or significant event.

In order for Bitcoin to continue and confirm this rally, we would need to see a more significant growth in active addresses, that would mean interest confidence are growing and coming back.

Appreciate if you could share your thoughts in the comment section whether you think we can expect the active addresses to increase to signal growing interest and confidence from Bitcoin investors, hence help to push the crypto stocks up as well.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.