The blockchain tracking firm glassnode alerts mentioned a recent on-chain milestone for Bitcoin (BTC) in a tweet this morning. According to the post, the number of Non-Zero Addresses for the market leader recently reached an all-time high (ATH) of 46,227,591. This follows the previous ATH of 46,217,719, which was observed yesterday.
Despite the number of Non-Zero Addresses for BTC reaching an ATH, the crypto’s price was down 1.57% at press time according to CoinMarketCap. As a result, BTC was trading at just under $29K at $28,902.08. This negative price movement also flipped the weekly performance of the leading crypto into the red at -1.43%.
Daily chart for BTC/USDT (Source: TradingView)
BTC was trading between the 9-day and 20-day EMA lines at press time as a result of the price drop over the past 24 hours. Should the 20-day EMA fail to provide BTC with the necessary support it could result in a price drop towards $27,750 in the next 24-48 hours.
The daily RSI indicator suggests that a downtrend will continue in the coming 2 days as the RSI line recently crossed below the daily RSI SMA line. On the other hand, bulls reintroducing themselves to BTC’s chart within the next 24 hours will result in BTC’s price making one last move towards $30K before the release of the U.S. Core Inflation data.
Later this week, U.S. Core Inflation data, along with Inflation Rate and PPI data, will be released. This macroeconomic data may have a negative impact on BTC’s price in the coming week if the outcomes are not favorable, as people will look to reduce their positions in risky asset classes.
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Source: Cryptocurrency - investing.com
