The cryptocurrency market has experienced a slight setback as both Bitcoin (BTC) and Ethereal (ETH) witnessed a nearly 3% drop in its prices.
As the week progresses, investors and traders are closely watching market trends, looking for information on potential future movements in these leading digital assets.
In this price prediction, we'll delve into the factors influencing the market, look at recent price actions, and explore expert predictions to help you anticipate what to expect in the coming week for the crypto market.
Unforeseen change in Bitcoin's key metric and its effects on the price trend
A notable change was recently detected in one of Bitcoin's (BTC) crucial indicators, which could substantially influence its price movement, according to recent data.
This surprising development has aroused the interest of investors and analysts who are trying to unravel its consequences for the path of cryptocurrency.
Furthermore, certain reports indicate that the collapse of FTX has contributed to a gradual transformation in the behavior of BTC holders.
Coins that have not been spent since the incident are progressively becoming part of long-term holdings.
A Surprising Twist in Bitcoin's Active Address Pattern
Bitcoin, like many financial assets, exhibits trends and patterns that can offer valuable insight into its price fluctuations.
fresh data from Cryptoquant has revealed an intriguing change in the pattern of active Bitcoin addresses.
The chart shows that the price of Bitcoin usually rises after a hash rate drop when the number of active addresses exceeds a specified threshold.
For most of this year, the active address metric has ranged from 900,000 to 1.1 million per day.
However, this pattern changed on May 1, as the active addresses metric soared to a new record of nearly 1.3 million, the highest number in over a year.
This increase in active addresses implies a potential change in market dynamics, arousing curiosity and conjecture among traders and analysts.
The impact of these developments on the Bitcoin price remains to be seen, but they certainly add an element of intrigue to ongoing market analysis.
Ethereum Consumption Rate Soars as Retail Interest Grows and Developers Discuss Deneb Upgrade
Ethereum recently experienced a substantial burn of 10,000 ETH in 24 hours, as reported by Delphi Digital.
Token burning is a process in which ETH is sent to an inaccessible "burn address", reducing the total supply and potentially reducing inflation, which benefits investors in the long run.
Data from Glassnode indicates an increase in retail interest in Ethereum, with a growing number of addresses holding more than 0.1 ETH.
Additionally, the Ethereum network saw a surge in transfers, resulting in an 11-month high in average gas fees paid to validators.
This development led to an increase in the total number of validators from 572,635 to 645,192. The developers are now discussing possible improvements for the next Deneb update.
bitcoin price
Bitcoin is currently exhibiting a slight downtrend, trading at $28,900, down almost 3%. The BTC/USD pair is building on its previous daily gains, inching closer to the $30K milestone.
Bitcoin technicals are holding steady, with BTC trading largely in line with our Bitcoin Price Prediction.
On the four-hour chart, Bitcoin is holding above the 50-day exponential moving average, which serves as a vital support level around $28,700.
This level has posed significant resistance for BTC all week. However, closing candles above $28,700 increases the probability of a bullish reversal for BTC.
Bitcoin may find immediate support near the 27,600 level, as indicated by a trend line on the 4-hour chart.
If the price breaks out of this pivotal level of 27,600, BTC could be on its way to the next support level at 27,200.
On the other hand, if BTC successfully breaks through the $29,600 threshold, its price could potentially rise to $30,400.
ethereum price
The current Ethereal the price is $1911, and ETH saw a slight drop of around almost 2.5% in the last 24 hours.
It is currently ranked #2 on CoinMarketCap, with a live market capitalization of $229 billion.
On Sunday, Ethereum, the second leading cryptocurrency, is trading with a sideways bias, holding a tight range between $1,875 and $1,965.
The uptrend line is supporting EUR/USD pair near $1,870 and the close of candles above this level has the potential to trigger a bullish bounce.
On the upside, the ETH/USD pair has the potential to go after $1,960 or even higher towards $2,020.
On the other hand, support continues to hold around $1,875.7, and a break below this level opens up more room to sell to the $1,800 mark.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO and altcoin projects by regularly exploring the expert-curated list of the 15 most promising cryptocurrencies to watch in 2023, as suggested by industry specialists at Industry Talk and Cryptonews.
Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.
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