Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coinpedia Fintech News on May 08, 2023, 02:29:41 PM
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The Bitcoin market could soon be trapped in a falling downtrend after registering gains of more than 70 percent YTD. On the daily timeframe, the bulls have struggled to maintain a rising uptrend, whereby a head and shoulder (H&S) formation seems imminent. Notably, the H&S formation in this regard depicts sellers en route outpacing the buyers. As a result, $25k in the short haul appears more actionable than a bull rally continuation.
According to a recent on-chain update by Glassnode, the total number of new Bitcoin addresses has significantly shrunk since the onset of May. Interestingly, the figure has dropped below the FTX levels, thus insinuating a possible entrenched price correction ahead. Moreover, fewer Bitcoin wallets reciprocate to lower demand, which is a catalyst for the bears to step into the arena.