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After the decline recorded at the beginning of the week, the cryptocurrency market has started to rise again during the day. The leading cryptocurrency Bitcoin (BTC) surpassed the price levels of $26,000. Analyzing the recent situation in Bitcoin, an analyst suggested that BTC needs to maintain the level of $25,600 in order to continue its rise. On the other hand, according to Glassnode’s data, the number of new addresses in Bitcoin (7-day moving average) reached the highest level in the past 2 years.
Cryptocurrency Market on the Rise
Despite starting the week with a decline, the cryptocurrency market has started to rise again during the day. The leading cryptocurrency Bitcoin (BTC) surpassed the price levels of $26,000 with its recent value increases and reached $26,250 during the day.
Most altcoins in the cryptocurrency market have started to rise again. According to CoinMarketCap (CMC) data, the total market value of the cryptocurrency industry reached $1.04 trillion. Ethereum (ETH) surpassed the price level of $1600 with its recent value increases. Additionally, due to the increasing volatility in the cryptocurrency market, according to Coinglass data, an average of $180 million worth of short and long positions were liquidated in the past 24 hours.
Meanwhile, as the rise in the cryptocurrency market continues, the cryptocurrency analysis platform Glassnode also drew attention to the rise in a critical metric. According to Glassnode’s latest data, the number of new addresses in Bitcoin (7-day moving average) reached the highest level in the past 2 years.
Will the Rise in Bitcoin Continue?
The cryptocurrency analysis platform Glassnode shared the latest data, drawing attention to the rise in a critical metric. According to Glassnode’s latest data, the number of new addresses in Bitcoin (7-day moving average) reached the highest level in the past 2 years with 23,711,423. On the other hand, cryptocurrency analyst Michael Van de Poppe, evaluating the recent situation in the leading cryptocurrency Bitcoin, pointed out the critical price levels.
Cryptocurrency analyst Michael Van de Poppe suggested that in order for the leading cryptocurrency Bitcoin to continue its rise, it needs to maintain the level of $25,600 in the near term. According to the analyst, if BTC fails to maintain the level of $25,600 in the near term, the leading cryptocurrency Bitcoin may experience accelerated value losses.
