{"id":583274,"date":"2023-07-26T11:52:59","date_gmt":"2023-07-26T10:52:59","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=583274"},"modified":"2023-07-26T11:53:09","modified_gmt":"2023-07-26T10:53:09","slug":"bitcoin-sees-surge-in-demand-despite-price-sideways-movement","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-sees-surge-in-demand-despite-price-sideways-movement\/","title":{"rendered":"Bitcoin Sees Surge In Demand Despite Price Sideways Movement"},"content":{"rendered":"<p>Summary:<\/p>\n<ul>\n<li>The count of new addresses trading BTC has rallied.<\/li>\n<li>This jump has occurred despite the strong resistance faced at $30,000.<\/li>\n<li>As BTC&#8217;s price continues to trade sideways, many holders have taken to coin distribution.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">New demand for leading coin Bitcoin [BTC], continues to climb despite its sideways price movement within the $28,000 and $30,000 regions since April, data from <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Addresses&amp;ema=0&amp;m=addresses.Count&amp;mAvg=30&amp;mMedian=0&amp;s=1674638031&amp;u=1690362831&amp;zoom=182\" target=\"_blank\" rel=\"noopener nofollow\">Glassnode<\/a> revealed.\u00a0<\/span><\/p>\n<figure id=\"attachment_583276\" aria-describedby=\"caption-attachment-583276\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img class=\"wp-image-583276 size-large\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-1024x576.jpeg\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-1024x576.jpeg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-300x169.jpeg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-770x433.jpeg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-500x281.jpeg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-269x151.jpeg 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC-746x420.jpeg 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/F1yufKzWIAA60vC.jpeg 1199w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption id=\"caption-attachment-583276\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">An assessment of the coin\u2019s daily new addresses count on a 30-day moving average revealed an uptick since 22 May. Since then, the daily count of new addresses that completed BTC transactions has grown by 19%. According to data from Glassnode, as of 25 July, over 450,000 new addresses completed at least one transaction that involved BTC.\u00a0<\/span><\/p>\n<h3><b>BTC accumulation dwindles as the coin struggles to break resistance<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">At press time, BTC exchanged hands at $29,212. With strong resistance faced at the $30,000 price level, negative sentiments have returned to the daily market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As negative sentiments ravage the market, accumulation amongst day traders has plummeted. According to price movements gleaned on a D1 chart, key momentum indicators embarked on a downtrend at the time of writing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coin\u2019s Relative Strength Index rested below its neutral line at 42.61. BTC\u2019s Money Flow Index (MFI) was 29.39 deep in the oversold territory.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, BTC\u2019s On-balance volume (OBV) has trended downward since June end. At press time, this was 102.15 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When BTC&#8217;s OBV declines, it means that the volume of assets being sold outweighs the volume of assets being bought. It often signals a significant shift in sentiment from positive to negative, where more traders believe selling the king coin is safer than buying it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreso, BTC\u2019s\u00a0 Chaikin Money Flow (CMF) was below the center zero line at the time of writing. A CMF in the negative territory suggests increased liquidity exit from the market.\u00a0 When the BTC CMF is negative, the selling pressure dominates the market over the specified period.\u00a0<\/span><\/p>\n<figure id=\"attachment_583278\" aria-describedby=\"caption-attachment-583278\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img class=\"wp-image-583278 size-large\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-1024x430.png\" alt=\"\" width=\"1024\" height=\"430\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-1024x430.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-300x126.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-770x323.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-1536x645.png 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-2048x860.png 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-500x210.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-269x113.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-746x313.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-11.01.25-1376x578.png 1376w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption id=\"caption-attachment-583278\" class=\"wp-caption-text\">Source: BTC\/USDT Chart by Trading View<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With many unsure of the coin\u2019s next price direction, its supply on exchanges climbed in the past 24 hours. According to information from on-chain data provider, <a href=\"https:\/\/app.santiment.net\/charts\/FoSzIDuW__sCl\" target=\"_blank\" rel=\"noopener nofollow\">Santiment<\/a>, the BTC supply to cryptocurrency exchanges increased by almost 2% in the last 24 hours.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When the exchange reserve of an asset increases in this manner, it suggests increased sell-offs. This could be BTC traders selling off their coin holdings to hedge against future losses.\u00a0<\/span><span style=\"font-weight: 400;\">However, while BTC sales rallied in the past 24 hours, the ratio of transactions in losses exceeded those in profit.<\/span><\/p>\n<figure id=\"attachment_583279\" aria-describedby=\"caption-attachment-583279\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img class=\"wp-image-583279 size-large\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-1024x347.png\" alt=\"\" width=\"1024\" height=\"347\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-1024x347.png 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-300x102.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-770x261.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-1536x520.png 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-2048x693.png 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-500x169.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-269x91.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-746x253.png 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/07\/Bitcoin-BTC-11.02.45-26-Jul-2023-1376x466.png 1376w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><figcaption id=\"caption-attachment-583279\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Summary: The count of new addresses trading BTC has rallied. This jump has occurred despite the strong resistance faced at $30,000. As BTC&#8217;s price continues to trade sideways, many holders have taken to coin distribution. New demand for leading coin Bitcoin [BTC], continues to climb despite its sideways price movement within the $28,000 and $30,000 regions since April, data from Glassnode revealed.\u00a0 An assessment of the coin\u2019s daily new addresses count on a 30-day moving average revealed an uptick since [&hellip;]<\/p>\n","protected":false},"author":63,"featured_media":583280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800,2],"tags":[6971,108421,6964],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583274"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583274"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583274\/revisions"}],"predecessor-version":[{"id":583283,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583274\/revisions\/583283"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/583280"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}