Bitcoin Showing Early Signs of Demand As New BTC Addresses Rise; Analyst Shares Critical BTC Support Zone In 2024

Leading crypto trader Ali highlights several key price levels and network metrics that indicate early signs of returning demand for Bitcoin. 

First, Ali notes growing evidence around prior Bitcoin support levels now serving as areas of demand and conviction for dip buyers:

“Over 516,000 #BTC have been transacted within key price ranges: $16,500, $26,770, and $42,550.”

The $26.7K and $42.5K areas in particular tie closely to the 21-week exponential moving average that fueled historical BTC bull runs. The $42.5k zone is the most critical support zone for BTC this year.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

On-Chain Data Reflecting Renewed Interest

In addition, Ali cites the marked rise in new Bitcoin addresses. Typically, new address growth reflects retail and institutional inflows returning.

“The rise in new $BTC addresses indicates a growing wave of investor interest. It looks like many have been buying the #BTC dip.”

So while risks remain in this precarious environment, Bitcoin is showing several indications of basing behavior and renewed accumulation interest after severe capitulation moves.

The noted levels around $16.5k, $26.7k, and $42.5k should prove pivotal as bulls attempt to wrest back control and kickstart Bitcoin’s next growth impulse towards higher highs.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo