Bitcoin Market Forecast: BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing
- BTC/USD has been slowly inching closer to $10,000 for the past three days.
- The total number of daily active addresses continues to grow.
- Bulls want to see a significant surge in trading volume for a successful $10,000 breakout.
Bitcoin is holding surprisingly well after the flash crash on June 2. Bulls keep defending the daily 12-EMA while Bitcoin slowly climbs higher. BTC/USD is trading at $9,660 at the time of writing, looking at the $9,887 resistance level.
A daily parallel channel has also formed recently and could hold Bitcoin inside for the next few weeks before a clear break.
Fundamentals are strong for Bitcoin
According to the most recent report by Santiment, the number of Bitcoin’s daily active addresses is growing. This metric can be deceiving as addresses will become active when Bitcoin crashes because people are looking to sell; however, it is still a good indicator if we look at the general picture.
$BTC's daily active address (unique addresses transacting on the network) continues to grow.
— Santiment (@santimentfeed) June 5, 2020
This is one of the most promising metrics to justify a price uptrend of an asset, and Bitcoin is getting close to its 6-month high of ~1.01M DAA in early May. https://t.co/XUdriBVPeR pic.twitter.com/UtvihuoDzq
Additionally, Grayscale, a massive Bitcoin trust fund, has accumulated over 28,000 BTC since the halving. Almost 10,000 Bitcoin just last week according to recent statistics.
Another massive week for Grayscale.
— Kevin Rooke (@kerooke) June 4, 2020
Grayscale added 9,503 BTC to their Bitcoin Trust since last week (28,413 BTC since the halving).
Bitcoin miners only produced 6,863 BTC since last week (19,200 BTC since halving).
pic.twitter.com/BGHKcbiJwQ
BTC/USD daily chart
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BTC/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
