The cryptocurrency market has suffered a slight jolt as both Bitcoin (BTC) and Ethereum (ETH) prices saw a drop of around 3%.
As the week begins, investors and traders are keenly watching the market trends, gaining insight on possible future movements of these leading digital assets.
In this price prediction, we’ll delve into the factors affecting the market, analyze recent price movements, and experts to help you predict what to expect in the coming week for the crypto market. Will find out the predictions.
Unexpected change in key metrics of bitcoin and its impact on price action
According to the latest data, a notable change has recently been found in one of the important indicators of Bitcoin (BTC), which can affect its price volatility to a great extent.
This surprising development has piqued the interest of investors and analysts as they try to uncover its consequences for the cryptocurrency’s path.
Furthermore, some reports indicate that the FTX collapse contributed to a gradual change in the behavior of BTC holders.
Coins that have not been spent since the event are gradually becoming part of long-term holdings.
A Surprising Twist in Bitcoin’s Active Addresses Pattern
Bitcoin, like many financial assets, exhibits trends and patterns that can provide valuable insight into its price movements.
latest data from cryptoquant has revealed an interesting change in the pattern of bitcoin’s active addresses.
The chart shows that when the number of active addresses exceeds a specific threshold, the price of bitcoin usually climbs following a drop in hash rate.
For most of this year, the metric for active addresses ranged between 900,000 and 1.1 million per day.
However, this pattern shifted on May 1, as the metric of active addresses rose to a new record of nearly 1.3 million – the highest figure in more than a year.
This increase in active addresses signals a possible change in market dynamics, igniting curiosity and speculation among traders and analysts.
The impact of these developments on the price of bitcoin remains to be seen, but they certainly add an element of intrigue to the ongoing market analysis.
Ethereum burn rate rises as retail interest rises and developers discuss Deneb upgrade
As reported by Delphi Digital, Ethereum recently experienced a substantial burn of 10,000 ETH within 24 hours.
Token burning is a process where ETH is sent to inaccessible “burn addresses”, thereby reducing the total supply and potentially reducing inflation, thereby benefiting long-term investors.
Data from Glassnode indicates an increase in retail interest in Ethereum with an increasing number of addresses holding more than 0.1 ETH.
Additionally, the Ethereum network saw an increase in transfers, resulting in an 11-month high in average gas fees paid to validators.
Due to this development, the total number of validators increased from 572,635 to 645,192. The developers are now discussing possible enhancements for the upcoming Deneb upgrade.
bitcoin price
Bitcoin is currently exhibiting a mild bearish trend, trading down around 3% at $28,900. The BTC/USD pair is building on its previous daily gains, inching closer to the $30K milestone.
Bitcoin technical aspects remain stable, with BTC trading largely in line with us bitcoin price prediction,
On the four-hours chart, bitcoin remained well above the 50-day exponential moving average, which serves as an important support near $28,700.
This level has served as a significant resistance for BTC throughout the week. However, a candle close above $28,700 increases the chances of a bullish reversal for BTC.
Bitcoin may find immediate support near the 27,600 level, as indicated by a trendline forming on the 4-hours chart.
If the price breaks this important 27,600 level, BTC could move towards the next support at 27,200.
On the other hand, if BTC successfully overcomes the $29,600 range, its price could potentially climb to $30,400.
ethereum price
the current Ethereum The price is at $1,911, and ETH has experienced a slight decline of about 2.5% over the past 24 hours.
It is currently ranked #2 on CoinMarketCap, with a live market capitalization of $229 billion.
On Sunday, the other major cryptocurrency, Ethereum, is trading with a sideways bias, maintaining a narrow range between $1,875 and $1,965.
Upward trendline is supporting ETH/USD The pair is near $1,870 and a candle close above this level is likely to end the bullish move.
On the upside, the ETH/USD pair has the potential to move higher after $1,960 or even $2,020.
On the other hand, support is residing near the $1,875.7 level, and a break below this level opens up more room to sell towards the $1,800 mark.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO projects and altcoins by regularly exploring our expert-curated list of the top 15 most promising cryptocurrencies to watch in 2023, as recommended by industry experts at Industry Talk and Cryptonews.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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