The Bitcoin market is witnessing a notable decrease in new addresses. This trend suggests a change in market sentiment and raises concerns among investors.
Decrease in New Bitcoin Addresses
According to popular crypto analyst Ali, the average number of monthly new Bitcoin addresses has fallen below the yearly average. This suggests a decline in on-chain activity, which could impact the future behavior of investors.
Bitcoin Price Correction
Bitcoin's price is in a correction phase, currently priced at 96,429.92. Despite a small increase of 0.12% over 24 hours, it shows a 0.76% decrease over the week, with a monthly drop of 8.63%.
Significant Trends and Bitcoin's Future
Ali indicates that Bitcoin's cumulative supply in profit also underscores a bearish trend. A notable shift in the 90-day Exponential Moving Average for supply in profit highlights this current trend.
With the ongoing decline in new addresses and price corrections, the coming weeks will be crucial in shaping Bitcoin's future trajectory.
