Bitcoin’s soaring user base reveals this about the future of BTC

• Bitcoin sees over 550 new addresses as network growth spikes.
• Bitcoin price has been lackluster but maintained the $30,000 price range.

The recent movement of Bitcoin prices triggered various responses across different indicators. One intriguing metric was the observation of new users joining the network, which positively correlated with the price surge in the past few days.

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New users flock to Bitcoin

Bitcoin has been making waves lately, attracting considerable attention and drawing in many users. Recent data from Glassnode revealed a notable surge in new addresses on the Bitcoin network. This surge was particularly significant as the last time it was observed was back in April. As of this writing, approximately 551,000 new addresses have been registered. 

Source: Glassnode

The number was a remarkable increase from the 339,000 recorded on 2 July. This surge in new addresses signified substantial growth within the network and opens up the possibility of further price spikes for BTC.

The influx of new addresses is not just a numerical increase; it also holds implications for the demand and value of Bitcoin. As more users enter the network, the demand for BTC could rise significantly, potentially impacting its overall value. This surge in new addresses also hints at the potential for an exciting future for Bitcoin as it continues to garner interest and expand its user base.

Active addresses see an uptrend 

While it may not be directly related, it’s worth mentioning that the Bitcoin seven-day active addresses metric has witnessed a recent uptrend. The chart showed a decline starting around 28 June, but there has been a slight upward trend since 5 July. As of this writing, the number of active addresses was approximately 5.2 million, displaying a noteworthy upward movement.

Source: Santiment

On the other hand, there haven’t been any significant shifts in the volume chart, suggesting a stable trade volume. As of this writing, the trading volume had surpassed 10 billion. 

BTC remains bullish despite a poor trend

On the daily timeframe, Bitcoin’s price movement has witnessed more declines than increases since it reached the $30,000 price range. Surprisingly, though, it has managed to hold onto this price level. As of this writing, Bitcoin was trading at approximately $30,294, showing a marginal profit of less than 0.5%.

Source: TradingView

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Despite the somewhat lackluster price trend, there was a positive signal from Bitcoin’s Relative Strength Index (RSI), which indicated the strength of its bull run. As of this writing, the RSI line remained above the neutral line, suggesting a favorable market sentiment.