- Bitcoin managed to cross $55,000 today as the bullishness had its market capitalization hit $1 trillion.
- On-chain activity indicates that the BTC ecosystem is growing, confirming more surges.
- Overpowering $56,500 might see Bitcoin attaining new ATHs.
The recent bullish actions in the crypto market saw Bitcoin surpassing $55,000 after battling under this area since May. On-chain metrics indicate that Bitcoin can record more surges if it stabilizes past a critical support area.
Bitcoin Records Bullishness
For now, BTC seems unstoppable. The coin surged almost 8% over the past three hours, attaining a 5-month high past the resistance at $55,000. Such upticks had its market cap crossing the $1 trillion mark. Bitcoin stabilizes beyond $54,000 at the moment. Meanwhile, the sudden bullish actions liquidated short positions worth over $200 million.
Nevertheless, various parameters noted BTC’s recent moves. The IOMAP model suggests that the Bitcoin network experienced increasing new addresses. The on-chain data recorded highs of more than 480,000 addresses on a day – measured on a 3-month average.
Most analysts consider an extended surge in network new addresses an accurate element when predicting the asset’s price. Usually, a growing crypto ecosystem translates to higher values. Though the network activity indicates a bullish outlook, the leading crypto encounters a critical resistance obstacle.
Transaction record indicated that over 750,000 addresses bought almost 450,000 BTC from $55,700 to $57,350 previously. As this supply barrier remains significant, Bitcoin might require a daily candle close past this area to retest its ATH near $65,000 or indulge in a discovery mode.
Market players should beware that BTC seems to sit above a stable support level. Over 1 million crypto addresses purchased nearly 650,000 Bitcoin, $50,150 being an average value. If the asset retains its demand attitude, bulls might take Bitcoin high past its higher peaks.
With the recent actions, crypto analysts believe Bitcoin has recovered from the Chinese clampdown. Though China has attacked BTC since long ago, the regulators have always dealt with defeat. Similar to 2017, the flagship token records aggressive bullish actions following cryptocurrency crackdown in China.
Will BTC maintain its upside actions? Feel free to share your thoughts below.