Bitcoin has been sucking all of the air out of the market over the past few weeks. The prominent cryptocurrency is seeing a parabolic advance that has allowed it to post gains similar to those witnessed in the 2017 bull run.
The cryptocurrency trends, in the beginning, a few days, should present a better perspective into this movement’s longevity.
If the bulls can flick $15,000 into a healthy sustaining level, this could furnish a base upon which it can further expand. A breach below this level before the daily close could be dire and lead to further downside.
One factor that indicates that this upward trend is just starting to initiate is the huge vital strength supporting this shift.
In accordance with one research firm, the total figure of unique Bitcoin addresses interfacing with the chain hit 1.17 million just yesterday. This is the maximum this figure has shown since January 2018, which happened after the crypto collapsed from its $20,000 highs.
Bitcoin Rallies as Bulls Look to Flick $15,000 into Support.
At that time of this writing, Bitcoin is trading up nearly 7% at its current price of $15,100. This marks an immense surge from recent lows of $13,800 set just over a couple of days ago.
This most recent move came about after an extended period of consolidation within the upper-$13,000 region.
The next fundamental resistance level analysts are watching sits at nearly $15,700, and a break above this degree could open the doors for it to see a rally to fresh all-time highs.
BTC’s Primary Strength is Greatly Favoring Bulls
One trend that could considerably reinforce Bitcoin in the near-term is the huge number of unique addresses interfacing and acting with the network.
Analytics platform Santiment spoke about this in a recent tweet, detailing that the number of addresses interfacing with the network hit 1.17 million just couple of days back.
The coming couple of days and weeks could define Bitcoin‘s fate for the rest of 2020.
If the humongous network interactions that have been taking place as of late continue favoring buys, the crypto could be on the cusp of rallying up to fresh all-time highs.
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