Bitcoin new address momentum is approaching a retest that could change the course of the crypto’s price, if history is anything to go by.
According to the latest weekly report from Glassnode, new address momentum is currently on the verge of a push higher.
The “new addresses” is an indicator that measures the total number of new addresses coming active on the Bitcoin blockchain.
To know whether the crypto is seeing a sufficient amount of push in new users coming to the network or not, the “new address momentum” metric is used.
This momentum indicator is based on the 30-day and 365-day moving averages of the new addresses. By comparing the trend of these MAs against each other, we can learn how the monthly average new users stack up against the mean for the year.
Now, here is a chart that shows the trend in the Bitcoin new address momentum over the last few years:
Looks like the two MAs have been approaching a test in recent days Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Bitcoin new address momentum is approaching a retest that could change the course of the crypto’s price, if history is anything to go by.
According to the latest weekly report from Glassnode, new address momentum is currently on the verge of a push higher.
The “new addresses” is an indicator that measures the total number of new addresses coming active on the Bitcoin blockchain.
To know whether the crypto is seeing a sufficient amount of push in new users coming to the network or not, the “new address momentum” metric is used.
This momentum indicator is based on the 30-day and 365-day moving averages of the new addresses. By comparing the trend of these MAs against each other, we can learn how the monthly average new users stack up against the mean for the year.
Now, here is a chart that shows the trend in the Bitcoin new address momentum over the last few years:
Looks like the two MAs have been approaching a test in recent days
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