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.

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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.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency