Key Takeaways
Bitcoin (
$60,542.00 ) briefly crossed $55,000 today. The bullish move puts its market cap back over $1 trillion.
On-chain activity shows that the network is growing, suggesting further gains on the horizon.
Overcoming $56,500 could set BTC up for new all-time highs.
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Bitcoin ( $60,542.00 ) briefly surpassed $55,000 for the first time since mid-May today. On-chain data shows that BTC can post further gains if it holds above a crucial support level.
Bitcoin ( $60,542.00 ) Turns Bullish
Bitcoin ( $60,542.00 ) looks unstoppable.
BTC’s price has increased by nearly 8% in the last three hours. The leading cryptocurrency jumped to an almost five-month high above the $55,000 resistance level, putting its market capitalization back over $1 trillion. Currently, BTC is stabilizing above the $54,000 mark; the sudden bullish impulse liquidated more than $200 million worth of short positions in the market.
Bitcoin ( $60,542.00 ) ’s recent price action has not gone unnoticed. IntoTheBlock’s “Daily Active Addresses” model reveals that the number of new addresses created on the BTC network is steadily rising. The on-chain metric recently made a higher high of over 480,000 addresses per day calculated on a three-month trailing average.
A continuous increase in the number of new addresses created on the Bitcoin ( $60,542.00 ) network is often considered one of the most accurate price predictors. Usually, a rising network growth leads to higher prices.
Source: IntoTheBlock
Although the outlook is bullish given the network activity, Bitcoin ( $60,542.00 ) still faces a major resistance barrier ahead.
Transaction history shows that more than 750,000 addresses have previously purchased nearly 450,000 BTC between $55,700 and $57,350. Due to the significance of this supply barrier, the asset may need a daily candlestick close above this level to retest all-time high at $65,000 or enter price discovery mode.
Source: IntoTheBlock
It is worth noting that Bitcoin ( $60,542.00 ) appears to be sitting on top of stable support. More than 1 million addresses bought roughly 650,000 BTC at an average price of $50,150. As long as this demand wall holds, the odds will significantly favor the bulls.
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