Ready to Go: Bitcoin Addresses on Exchanges Hit 8-Year Low, Signs of a Bull Market Emerging?
The Bitcoin market has recently shown notable positive signals, with several key indicators suggesting that the market may be gearing up for a new bull market.
On-chain data indicates that the number of deposit addresses on exchanges has dropped to its lowest level since December 2016, a phenomenon strikingly similar to the situation before the major bull market in 2017.
Analyst Axel Adler points out that since 2022, the 30-day moving average of deposit addresses has fallen to 52,000, not only below the annual average of 71,000 (365 days), but nearly 60% lower than the historical average of 92,000. This continued three-year decline in deposit addresses has reduced the potential selling pressure in the market by a quarter.
Essentially, this trend reflects an enhanced HODL sentiment, significantly alleviating market sell-off pressure and laying a solid foundation for future growth.
Meanwhile, Bitcoin's price performance also corroborates this positive trend. Since April 9, Bitcoin has risen over 25%, currently stabilizing above $93,000, with less than an 8% fluctuation from the psychologically significant $100,000 level that the market is closely watching.
Notably, against the backdrop of escalating global geopolitical tensions, Bitcoin has demonstrated a decoupling characteristic from traditional risk assets. While the S&P 500 and Nasdaq indices have come under pressure due to market risk aversion, Bitcoin has managed to rise to $94,000 during this round, further reinforcing its market positioning as "digital gold."
From a technical perspective, the current market structure is relatively favorable for bulls. $95,000 is a key resistance level; if effectively broken, it could accelerate the price towards the $100,000 threshold. Meanwhile, the 200-day simple moving average at $88,000 serves as significant support, and as long as it stays above this level, the short-term bullish trend will not change.
In summary, market observers generally believe that this continuous decline in exchange stock and the rising proportion of long-term holders, combined with the gradually improving technicals, are creating extremely favorable upward conditions for Bitcoin.
Do you think this data indicates that a new bull market is about to start? Can Bitcoin's upward momentum be sustained amid global macroeconomic uncertainty?
#比特币牛市 #链上数据 #加密货币 #数字黄金