Gauging Bitcoin’s [BTC] price trends as key metric hits new peak

The chart indicated that Bitcoin’s price tends to ascend following a hash rate drop when the number of active addresses surpasses a certain range. For the better part of this year, the active addresses metric dwindled between 900,000 to 1.1 million addresses per day.

However, the pattern collapsed on 1 May. Active addresses metric skyrocketed to a new record of nearly 1.3 million – the highest figure in over a year. The surge in active addresses suggests a potential shift in the market dynamics, sparking interest and speculation amongst traders and analysts alike.collapse, an intriguing phenomenon was observed: a gradual accumulation of unspent BTC. These coins, untouched for a period exceeding 155 days, tend to transition into long-term holdings .revealed a staggering 14.3 million coins falling under this category.

This suggested a correlation between the influx of new participants and the spike in active addresses.Additionally, with the shift in the long-term holding threshold, about 26% of the total Bitcoin supply was currently active. This implied that long-term investors hold a significant portion ofis important to consider the potential impact if these long-term holdings were to be introduced for trading. The influx of such a huge supply could trigger a price drop.

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