The number of active Bitcoin users rises to record levels, coinciding with the decline in prices


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Blockchain analytics firm Santiment reported that the number of active daily Bitcoin addresses remained above the 1 million mark for the majority of the week, indicating an increase in utility.

“Santiment” reports that the last time unique addresses were consistently above 1 million for 3 consecutive days was in early December 2021 when Bitcoin was trading between $56,000 and $59,000.

The number of active bitcoin addresses indicates market demand for bitcoin transactions.

Whereas, when the number of active bitcoin addresses decreases, it may signal the beginning of a downward cycle.

Bitcoin price fell to its lowest level at $41892 in the last 24 hours after the latest Consumer Price Index (CPI) data from the United States.

According to the statistical platform CoinGlass, $87 million worth of long positions have been liquidated in the last 24 hours as the price of Bitcoin plummeted.

Bitcoin price movement:

Currently, Bitcoin is still restricted to a range between $42,000 and $45,000, as Bitcoin failed to break the $45,000 level.

Momentum indicators on the daily charts are getting stronger at the moment, although price action is still showing high volatility in the wake of the US inflation news.

If the buyers maintain the short-term momentum, the next resistance level is likely to be at $50K.

At the time of writing, Bitcoin is trading at $43,372 and pullbacks are expected to settle in the $43,000-$40,000 region.

Read also:

Bitcoin and stock prices fall as tensions escalate between Russia and Ukraine and inflation rattles markets

Meet a worker in the oil industry who quit his job to trade cryptocurrency full time

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