An increase in network adoption along with a price increase is believed to confirm an uptrend. Bitcoin’s rally looks to have legs as the ascent is backed by a pickup in blockchain activity and a long-term technical indicator that is about to turn bullish.
While bitcoin has gained 30% this month, the user activity on the network, as measured by the seven-day average of the number of active entities, has increased 19% to 284,179, according to data provided by Glassnode.
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