The Bitcoin ($BTC) market has recently witnessed a decline in latest addresses. As per the popular crypto analyst Ali, Bitcoin’s average number of monthly new $BTC addresses has plunged, highlighting a shift in the wider market sentiment. The crypto analyst took to his official social media account to discuss the current downturn in these addresses.
Bitcoin’s Monthly Average of Exclusive $BTC Addresses Decreases Under Yearly Average
The market data points out a significant correction in the top crypto asset’s exclusive monthly addresses. The crypto analyst has asserted that the $BTC addresses’ monthly average has declined below their yearly average. The respective development reportedly indicates a slump in on-chain activity. This overall downturn in the Bitcoin market has raised concerns among the investors and could impact their future performance.
Coinciding with this decline, the price of Bitcoin is also going through a correction phase. At present, Bitcoin is changing hands at 96,429.92. Despite a slight 0.12% increase over 24 hours, this figure indicates a 0.76% decrease over the week. In addition to this, the monthly performance of the top crypto asset displays a staggering 8.63% drop. Hence, following a notable growth for several months, Bitcoin’s price is experiencing a reversal.
Supply in Profit Also Underscores Important Bearish Trend
According to Ali, Bitcoin’s cumulative supply in profit also suggests a plunge. Particularly, a noteworthy net position shift has taken place in Bitcoin’s 90-day Exponential Moving Average in the case of supply in profit. Keeping in view the above-mentioned bearish indicators, the next weeks will play an important role in defining Bitcoin’s upcoming moves.
