Looking at the BTCUSD chart on the daily time frame, we see that the price has met resistance at $ 58,000. After that, we have a price withdrawal at the current $ 55,200. The first next support below is at $ 53,000. More broadly, we are still in the bullish channel since July, and if further pullback continues, we are looking for stronger support on the lower line of support in the zone of moving averages of 45000-50000 $. We need a positive consolidation for the bullish trend that will direct us towards the $ 58000-60000 zone. A break above us can lead to the previous historical high and even make a new historic high on the chart.
Ethereum chart analysis
Looking at the ETHUSD chart on the daily time frame, we see that the price is still under pressure and that we did not manage to climb above $ 3650 yesterday. Today we have a further price drop to the current $ 3456. Below us, the first support is the 50-day moving average to $ 3350, the next below the support is in the 20-day moving average. For a further bearish scenario, we need a break below these moving averages, and then we can expect the price to drop to a psychological level of $ 3,000.
Dogecoin chart analysis
Looking at the Dogecoin chart on the daily time frame, we see that the price of Dogecoin is still under bearish pressure, consolidating around the 20-day moving average on support at 0.22000. The price of Dogecoin, if it continues like this, can easily drop to 0.20000 on psychological support. If we find support on the chart, we can expect to climb to resistance in the 50-day moving average in the zone around 0.25000. A further bullish impulse pushes us towards the upper resistance line, and if the price break above, our next upper resistance is at a 200-day moving average in the 0.27000 zone.
Data from Glassnode show that active bitcoin entities have seen an increase in recent weeks. The lowest number of active entities fell to just over 200 thousand this year, which is more than 50 percent compared to the highest value of over 400 thousand in the period from January to February 2021. As the price of assets began to rise again, it grew and a number of active entities.
The importance of this is shown in the price movement. The last time active entities note a significant increase, the market saw a bullish set that brought digital assets on their way to new highs of all time. Although the rise in active entities may not be significant this time, it may still have the same connotations for the market.
If there is a history, then an increase in the number of active entities means a renewed interest in the market. And one thing that always preceded the bull race was the return of interest, which often marks the beginning of a potentially long bull rally.
Glassnode states that the average amount of bitcoin traded is on the rise. The average size of the transaction on the blockchain rose to 1.3 BTC, approaching the levels of 1.6 BTC seen in the liquidity decline in March 2020.
Like active entities, a single metric cannot determine for itself how much an asset price will value or depreciate. But as the report notes, the increase in the average transaction size shows increased interest from institutional investors who have more money to market.
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