The number of active bitcoin users rises to record levels, coinciding with the decline in prices
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Answer The number of active bitcoin users rises to record levels, coinciding with the decline in prices
Blockchain analytics firm Santiment reported that the number of active daily Bitcoin addresses remained above the 1 million mark for the majority of the week, indicating an increase in utility.
“Santiment” reports that the last time unique addresses were consistently above 1 million for 3 consecutive days was in early December 2021 when Bitcoin was trading between $56,000 and $59,000.
📈 # bitcoinThe number of daily active titles reached 1.02 million on Thursday, the third day in a row with 1 million + BTC dollars Interact addresses on the network. The last time this threshold was above $1 million for three consecutive days was December 1-3, when prices were between $56,000 and $57,000. https://t.co/49eVEHz9QN pic.twitter.com/wHvgMtDKzqRead:Report: Has the perpetual contract trading market affected by the recent drop in cryptocurrency prices?
– Santimentfeed February 11, 2022
The number of active bitcoin addresses indicates market demand for bitcoin transactions.
Whereas, when the number of active bitcoin addresses decreases, it may signal the beginning of a downward cycle.
Bitcoin price fell to its lowest level at $41892 in the last 24 hours following the latest Consumer Price Index (CPI) data from the United States.
According to the statistical platform CoinGlass, $87 million worth of long positions have been liquidated in the last 24 hours as the price of Bitcoin plummeted.
Bitcoin price movement:
Currently, Bitcoin is still restricted to a range between $42,000 and $45,000, as Bitcoin failed to break the $45,000 level.
Momentum indicators on the daily charts are getting stronger at the moment, although price action is still showing high volatility in the wake of the US inflation news.
If the buyers maintain the short-term momentum, the next resistance level is likely to be at $50K.
At the time of writing, Bitcoin is trading at $43,372 and pullbacks are expected to settle in the $43,000-$40,000 region.Read:It’s Official: BlockFi Files for Bankruptcy Impacted by FTX Infection
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