Bitcoin on November 30 – Number of new BTC addresses explodes upward in 2023

Back off to better blow up ? – According to the ETF specialist from Bloomberg, a spot Bitcoin ETF could arrive as early as January 10, 2024. Indeed, the recent postponement would aim to align the various competitors. The wait is long for cryptocurrency enthusiasts. In addition, the price of Bitcoin hesitates and falls below $38,000. Will the price of BTC finally break through the resistance? Let’s look at the situation of the queen of cryptocurrencies in today’s bulletin!

This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.

Bitcoin price falls slightly in 24 hours

The king of cryptocurrencies does not clearly cross the threshold resistance located at $37,500. In fact, the price of Bitcoin drop slightly over 24 hours :

Bitcoin Performance


Bitcoin Underperforms Ethereum Over the Last Month of -2.36% while the price of BTC in USD increased

The price of Bitcoin remains up a little more than1% over a weekand more than 10% in one month. In three months, the course climbs 45%. For its part, the BTC/ETH pair stagnates in 24 hoursbut she climbs 2.6% in one week.

The number of new addresses is increasing on Bitcoin, a sign of returning interest?

The king of cryptocurrencies struggled in 2023 to find the $30,000then he even managed to return to the level of $38,000. Currently, BTC is showing a increase of more than 100% in 2023. However, this increase is not sufficient to regaininterest in Google searches. While this metric tends to show that speculation around spot Bitcoin ETFs is not attracting newcomers, another metric is worth studying. Here’evolution of the number of new addresses on the Bitcoin network :

The number of new addresses on the Bitcoin network increases and shows that interest is returning to Bitcoin - November 30, 2023.
Evolution of the number of new addresses on the Bitcoin network Source: The Block

Overall, we notice that the curve is bullish since 2010. Year after year, BTC manages to find the arguments for attract newcomers. Also, we can see that the metric climbs during bull marketsand she fall in bearish period as in 2018 and 2022. Since the start of the year, the number of new addresses is on the risehe even returned to levels comparable to the top of the 2021 bull run. Is this the result of recent speculation surrounding the Ordinals? Or is this the beginning of a new bull market ?

Bitcoin price must validate $37,500 as support in 4H

For the moment, all returns at the level of the resistance at $37,500 have been rejected by sellers. Currently, the price is moving above this level, and buyers must react to validate $37,500 as support :

Bitcoin price must react and validate the level at $37,500 as support – November 30, 2023. Bitcoin price must react and validate the level at $37,500 as support – November 30, 2023.
Bitcoin price against the dollar (4H)

If the course bounces on the support, he could finally join the $40,000. Remember that the price has not evolved at this level since May 2022. On the other hand, if it is only a DETOURthe course could join the support at $35,800. The RSI continues tooscillate between 25 and 67a fence beyond 67 would allow buyers to benefit from short-term momentum.

While awaiting the potential approval of a spot Bitcoin ETF for January, the number of new Bitcoin addresses is increasing and returning to known levels in 2021. The price is hesitating below $38,000, it must absolutely validate the level at 37 $500 as support. Otherwise, the price could return, once again, to the next support at $35,800. While the price of BTC hesitates below $40,000, Dogecoin (DOGE) is going to the Moon!

Bitcoin news that matters:

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