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This Level Reaffirms the Bulls Victory and the Massive BTC Rally

13 Sep 2022 By: Anirudh Trivedi
This Level Reaffirms

The price of Bitcoin (BTC) sharply rises to beyond $22,000, indicating traders' optimism is on the rise.

It's interesting to note that there was a dramatic rise in the number of daily addresses following the recent BTC price spike. The approximate weekly average is 410,000 addresses. Bull's takeover will be confirmed if the weekly average addresses continue to rise to over 415,000.

Price of Bitcoin (BTC) Awaits Bulls' Takeover

The debate of whether or not the price of bitcoin has bottomed out lingers as the price of BTC continues its bear market rally. In the past, September has not been good for Bitcoin, and volatility is also increasing amid the CPI data that will determine whether the Fed raises interest rates by 50 bps or 75 bps on September 21. Additionally, this week's Ethereum Merge has an effect on the activity on the Bitcoin network.

On September 12, cryptocurrency expert Ali Martinez tweeted, "The bottom could be in! With a weekly average of over 410,000 addresses, Bitcoin records an increasing number of addresses every day. A rise above 415,000 average weekly addresses would indicate an optimistic outlook. As a result, BTC bulls may unseat bears.

The 7d moving average data shows that the number of new addresses increased to levels seen in mid-June. The prior peak was at 415,000. A gain above 415,000 is therefore necessary to support a bullish rally. Furthermore, the ratio of transactions in Bitcoin's profit/loss statistics is at its highest point since March, according to the on-chain platform Santiment. Given that traders jumped to trade once more after the BTC rebound, it suggests a rise in earnings.

The Causes of the Strong BTC Price Rally

Traders used the "buy-the-dip" chance as the price of Bitcoin (BTC) recovered from $18,702 to earn some money. As a result, Bitcoin today climbed back above $22,000 for the first time in more than three weeks.

A persistent decline in the US dollar index since September 7 has also fueled market optimism. Furthermore, open interest is rising for futures and options.

The increase has also been aided by MicroStrategy's filing with the SEC for additional bitcoin purchases.