This Bitcoin On-chain Retest Can Change Market’s Course, Here’s How

Bitcoin new address momentum is approaching a retest that could change the course of the crypto’s price, if history is anything to go by. Monthly MA Of Bitcoin New Addresses Is Currently Retesting The Yearly MA According to the latest weekly report from Glassnode, new address momentum is currently on the verge of a push higher. The “new addresses” is an indicator that measures the total number of new addresses coming active on the Bitcoin blockchain. To know whether the crypto is seeing a sufficient amount of push in new users coming to the network or not, the “new address momentum” metric is used. This momentum indicator is based on the 30-day and 365-day moving averages of the new addresses. By comparing the trend of these MAs against each other, we can learn how the monthly average new users stack up against the mean for the year. Now, here is a chart that shows the trend in the Bitcoin new address momentum over the last few years: Looks like the two MAs have been approaching a test in recent days | Source: Glassnode's The Week Onchain - Week 43, 2022 As you can see in the above graph, the relevant points of trend for the Bitcoin new address momentum are highlighted. It seems like whenever the 30-day MA has failed to cross above the 365-day MA, the price of the crypto has observed a bearish trend. Related Reading: Altcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin? This...