{"id":34277,"date":"2023-12-18T22:52:42","date_gmt":"2023-12-19T02:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34277"},"modified":"2023-12-18T22:52:42","modified_gmt":"2023-12-19T02:52:42","slug":"key-factors-that-bitcoin-needs-to-keep-bullish-momentum","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/18\/key-factors-that-bitcoin-needs-to-keep-bullish-momentum\/","title":{"rendered":"Key Factors That Bitcoin Needs To Keep Bullish Momentum"},"content":{"rendered":"

Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for Bitcoin (BTC)<\/a>, which will help bolster the continuation of its price rally.<\/p>\n

What Bitcoin Needs To Sustain And Expand Its Rally<\/h2>\n

A cryptocurrency analyst known as Ali recently shared<\/a> this crucial information with the entire cryptocurrency community on December 18, 2023. The analyst took to X (formerly Twitter) to highlight what Bitcoin needs to maintain its upward trajectory.<\/p>\n

Ali said the crypto asset experienced a dip in network growth over the past month, which raised concerns about the stability of BTC\u2019s recent price move to $44,000.<\/p>\n

He added that creating new Bitcoin addresses must expand to guarantee a robust continuation of its rally. This will provide the much-needed support for the crypto asset to maintain its bullish momentum.\u00a0<\/p>\n

The post read:<\/p>\n

There\u2019s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC\u2019s recent move to $44,000. For a robust continuation of the bull rally, it\u2019s crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum.<\/p>\n

BTC needs further investor<\/a> and institutional support to sustain its rally. A chart accompanied the crypto analyst\u2019s X post to support his projection further.<\/p>\n

This prediction means further corrections may be a scenario for the digital asset. This is because of the discrepancy between the creation of new addresses and the current price increase of Bitcoin.<\/p>\n

Nonetheless, approving a Bitcoin Spot <\/a>exchange-traded fund (ETF) in the US might create an\u00a0avenue for more institutional investment, thereby reversing this trend.<\/p>\n

As of the time of writing, BTC was trading at $40,980, indicating a decrease of over 2% in the past 24 hours. According to CoinMarketCap, its market capitalization decreased by the same percentage in the past 24 hours.<\/p>\n

Digital asset prices have increased by 146% in the last year, demonstrating amazing growth throughout this timeframe. Its performance over the same year exceeded 73% of the leading 100 crypto assets, putting it among the top performers.<\/p>\n

The Crypto Asset Fell Below Its Crucial Supply Area<\/h2>\n

Ali has also shared<\/a> another post on X showing that Bitcoin has witnessed a dip below its key supply zone. The analyst pointed out that the zone ranges from $41,200 to $42,400, of which the asset has recently fallen below this range.<\/p>\n

He added that 1.87 million addresses in this region have accumulated about 730,000 BTC. With\u00a0this decline, these holders may sell the token to reduce losses.<\/p>\n

The crypto analyst also highlighted a potential decline to the next demand zone ranging from $37,500 to $38,700. Meanwhile, about 1,28 million addresses in this region have accumulated 553,000 BTC tokens.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for Bitcoin (BTC)<\/a>, which will help bolster the continuation of its price rally.<\/p>\n

What Bitcoin Needs To Sustain And Expand Its Rally<\/h2>\n

A cryptocurrency analyst known as Ali recently shared<\/a> this crucial information with the entire cryptocurrency community on December 18, 2023. The analyst took to X (formerly Twitter) to highlight what Bitcoin needs to maintain its upward trajectory.<\/p>\n

Ali said the crypto asset experienced a dip in network growth over the past month, which raised concerns about the stability of BTC\u2019s recent price move to $44,000.<\/p>\n

He added that creating new Bitcoin addresses must expand to guarantee a robust continuation of its rally. This will provide the much-needed support for the crypto asset to maintain its bullish momentum.\u00a0<\/p>\n

The post read:<\/p>\n

There\u2019s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC\u2019s recent move to $44,000. For a robust continuation of the bull rally, it\u2019s crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum.<\/p>\n

BTC needs further investor<\/a> and institutional support to sustain its rally. A chart accompanied the crypto analyst\u2019s X post to support his projection further.<\/p>\n

This prediction means further corrections may be a scenario for the digital asset. This is because of the discrepancy between the creation of new addresses and the current price increase of Bitcoin.<\/p>\n

Nonetheless, approving a Bitcoin Spot <\/a>exchange-traded fund (ETF) in the US might create an\u00a0avenue for more institutional investment, thereby reversing this trend.<\/p>\n

As of the time of writing, BTC was trading at $40,980, indicating a decrease of over 2% in the past 24 hours. According to CoinMarketCap, its market capitalization decreased by the same percentage in the past 24 hours.<\/p>\n

Digital asset prices have increased by 146% in the last year, demonstrating amazing growth throughout this timeframe. Its performance over the same year exceeded 73% of the leading 100 crypto assets, putting it among the top performers.<\/p>\n

The Crypto Asset Fell Below Its Crucial Supply Area<\/h2>\n

Ali has also shared<\/a> another post on X showing that Bitcoin has witnessed a dip below its key supply zone. The analyst pointed out that the zone ranges from $41,200 to $42,400, of which the asset has recently fallen below this range.<\/p>\n

He added that 1.87 million addresses in this region have accumulated about 730,000 BTC. With\u00a0this decline, these holders may sell the token to reduce losses.<\/p>\n

The crypto analyst also highlighted a potential decline to the next demand zone ranging from $37,500 to $38,700. Meanwhile, about 1,28 million addresses in this region have accumulated 553,000 BTC tokens.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34277","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34277"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34277\/revisions"}],"predecessor-version":[{"id":34285,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34277\/revisions\/34285"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34277"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}