Bitcoin struggles: How long do you need to wait for a rally?
AMBCrypto -
  • Bitcoin’s daily active addresses recently spiked to over 700,000.
  • The price has yet to see any significant moves on either side.

Bitcoin’s [BTC] price has not shown any exciting trends in the last few days. It’s not just the price trend that has been lackluster; the address metrics have also been dull over the past few weeks.

Bitcoin briefly breaks trend

The number of daily active addresses for Bitcoin has been in decline over the past few months, but recently, there was a break in this trend.

AMBCrypto’s analysis of the daily active addresses chart on Santiment showed that the general trend has been downward since around March. 

For instance, on the 5th of March, the number of daily active addresses was over 1 million. Soon thereafter, this number fell to the 900,000 range and then further to the 600,000 range.

Source: Santiment

However, there was a brief break from this downtrend at the end of the past week. The aforementioned chart showed that the number of daily active addresses spiked to over 765,000 on the 8th of June.

Despite this spike, the momentum was not sustained, and the number fell back to around 619,000 by the 9th of June. As of this writing, the number of daily active addresses was 110,000.

New wallets decline

AMBCrypto’s analysis of the new addresses chart on Glassnode showed that Bitcoin has been experiencing a similar downtrend. However, this downtrend began earlier, in January. 

At the start of 2024, the number of daily new addresses was over 500,000. By the end of May, this number had fallen to less than 300,000.

Source: Glassnode

As of this writing, the analysis showed that the number of new addresses was trying to pick up, but it could only rise to around 254,000.

The correlation here is clear: the drop in the number of daily active addresses and the decline in new addresses has hindered any significant momentum.

Consequently, the price of BTC has remained the same in the last few days.

Flat moves

AMBCrypto’s analysis of Bitcoin on a daily time frame chart showed that its price has yet to pick up steam.

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At the end of trading on the 9th of June, Bitcoin saw a modest 0.43% increase, keeping its value at around $69,683. 

Source: TradingView

However, as of this writing, it has slipped slightly to around $69,600 after a minor decline. This lack of significant movement has contributed to the drop in both active and new addresses.

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