BTC Retraced 4% Twice, Which Is a Rhythm of Whipsaw- Dec. 31st

Analysts at Bexplus believe that from the perspective of BTC’s recovery trend, there are few decent adjustments, and investors holding cryptocurrencies can easily profit from unilateral trends.

The data shows that the price increase of BTC has been supported by more active investors. From the average value, the number of active BTC addresses has been running at a high level since 2020, and the peak reached 1.21 million on December 30 according to blockchain analysis company Glassnode. Nevertheless, the value is still lower than the high of 1.28 million on December 14, 2017. This can be understood as the fact that after the increase in investor enthusiasm for transactions during the year, there has been no transaction performance similar to the behaviors that traders silently sold out crypto coins at high prices. The peak number of active addresses appears, usually only when the price peaks.

However, considering that the number of active addresses on December 30 reached a high of 1.21 million, and if the bullish trend continues, the current cost price is very important. The price range from $26,300 to $28,500 is where investors can buy and sell at a high level. Only if BTC runs above this range, the unilateral rise will continue.

Next, there are more opportunities for the market to oscillate at $30,000. Before the breakthrough, most of the mainstream cryptocurrencies are stay still, and the market is waiting for BTC to give directions. From the current point of view, BTC has not yet shown a typical top signal. In the case of market rotation, pay attention to transaction risks.