Ready to take off: exchange Bit Address hits an 8-year low, a sign of a bull run?

The Bitcoin market has recently shown remarkable positive signals, with several key indicators suggesting that the market may be gearing up for a new bull run.

On-chain data shows that the number of exchange deposit Addresses has dropped to its lowest level since December 2016, a phenomenon that is strikingly similar to the situation before the 2017 bull run.

Analyst Axel Adler pointed out that since 2022, the number of 30-day moving average recharge Addresses has dropped to 52,000, which is not only below the annual (365 days) average level of 71,000, but also nearly 60% lower than the historical average of 92,000. This continuous downward trend in the number of recharge Addresses over three years has already reduced the market's potential selling pressure by a quarter.

Essentially, this trend reflects the strengthening of HODL sentiment, significantly alleviating the market sell-off pressure and laying a solid foundation for future growth.

At the same time, the performance of Bitcoin prices has confirmed this positive trend. Since April 9, Bitcoin has risen by over 25%, currently stabilizing above $93,000, with less than an 8% fluctuation difference from the psychologically significant $100,000 level that the market is generally focused on.

It is particularly noteworthy that, against the backdrop of escalating global geopolitical tensions, Bitcoin has demonstrated a decoupling characteristic from traditional risk assets. When the S&P 500 and Nasdaq indices are under pressure due to market risk aversion, Bitcoin has, during this round, risen against the trend to reach as high as $94,000. This independent movement further reinforces its market positioning as "digital gold."

From a technical perspective, the current market structure is favorable for bulls. $95,000 is a key resistance level; if it is effectively broken, it could likely accelerate the price towards the $100,000 mark. Meanwhile, the $88,800 of the 200-day simple moving average constitutes significant support, and as long as it remains above this level, the short-term bullish trend will not change.

In summary, market observers generally believe that the declining inventory of exchanges and the increasing proportion of long-term holders, combined with the gradually improving technical aspects, are creating extremely favorable upward conditions for Bit.

Do you think this data indicates that a new bull run is about to start? With global macroeconomic uncertainty, can the upward momentum of Bitcoin be sustained?

#比特币牛市 # on-chain data #加密货币 # digital gold