Analysts at Bexplus believe that although BTC bottomed out near the lowest $44,918, there were not many new investors entering the market. BTC has seen a 17% amplitude on the daily line, and whether the market can stabilize is still facing many uncertainties.
In terms of the number of active addresses, the number of active addresses on February 23 did not increase significantly, and the number was 1.05 million. The number of new addresses increased from 510,000 on February 22 to 530,000 on February 23, showing that there is little room for growth. This means that even if the BTC short-term cumulative decline reached 24.7%, it failed to arouse investors’ trading interest, which is quite different from the performance of each price adjustment in the past.
In terms of trading volume, the trading volume of BTC after the short-term decline is the highest level in history. This shows that a large number of chips changed hands in a short period of time. Although the short-term selling pressure of BTC has been released, the cost price of new investors is concentrated around $50,000, and $50,000 will be an important point.
Most cryptocurrencies have a large volatility space. During the technical rebound stage, investors get more short-term income. If it is not for amortization of the cost of holding cryptocurrencies, it will take more patience to chase the price. The direction of short-term market changes is still unclear.
The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.