- Bitcoin briefly crossed $55,000 today. The upward movement has brought its market chart to over $1 trillion.
- Activity on the chain shows that the network is growing, which indicates more gains are on the horizon.
- A beat above $56,500 could set BTC to new all-time highs.
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Bitcoin briefly crossed $55,000 for the first time since mid-May today. On-chain data shows that Bitcoin could post further gains if it holds above a critical support level.
Bitcoin turns bullish
Bitcoin seems unstoppable.
The price of BTC is up about 8% in the past three hours. The leading cryptocurrency jumped to a nearly five-month high above the $55,000 resistance level, bringing its market capitalization back to over $1 trillion. Currently, BTC is stabilizing above the $54,000 mark; The sudden bullish impulse led to the liquidation of more than $200 million of short positions in the market.
The recent bitcoin price movement has not gone unnoticed. IntoTheBlock’s ‘Daily Active Addresses’ model reveals that the number of new addresses being created on the BTC network continues to grow. The on-chain metric recently hit a high of more than 480,000 titles per day calculated over a three-month trailing average.
The constant increase in the number of new addresses created on the Bitcoin network is often considered one of the most accurate price indicators. Usually, increased network growth leads to higher prices.
Although the outlook is bullish given network activity, Bitcoin still faces a major resistance barrier going forward.
Transaction history shows that more than 750,000 addresses have previously purchased approximately 450,000 BTC between $55,700 and $57,350. Given the importance of this supply barrier, the asset may need to close a daily candle above this level to retest the all-time high at $65,000 or enter price discovery mode.
It is worth noting that Bitcoin appears to be sitting on top of stable support. Over 1 million addresses bought nearly 650,000 BTC at an average price of $50,150. As long as this wall of demand persists, the odds will benefit the bulls tremendously.
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