Bitcoin Bulls Push BTC Back Up To $28K Level

On May 29, 2023

Bitcoin (BTC), the pioneer of cryptocurrencies, continues to captivate the financial world with its ever-evolving landscape. In recent developments, Bitcoin’s active addresses have witnessed a significant surge, soaring to a three-week high.

This surge in activity has not only breathed new life into the Bitcoin network but has also reverberated in the form of a substantial increase in the crypto’s price.

The increased demand resulting from heightened network activity has propelled the alpha coin’s price to new heights, igniting a sense of excitement and potential within the cryptocurrency market.

Surge in Bitcoin’s Active Addresses Signals Growing Utility

Bitcoin’s utility is on the rise as the number of active addresses for the cryptocurrency has surged to a remarkable three-week high, according to crypto intelligence portal Santiment in a Twitter update.

📈 May’s concerningly low #Bitcoin address activity is finally starting to rebound again. Increasing utility is necessary for #crypto assets to enjoy sustained rallies. Keep an eye on whether $BTC can head into June with 1M or more daily active addresses. https://t.co/LSa2slHWgt pic.twitter.com/zqTH9KGIqc
— Santiment (@santimentfeed) May 27, 2023

After a lull in activity, the latest data reveals that the number of active addresses for BTC has reached an impressive 960,000, marking the first time since May 3 that such levels have been attained.

Source: Santiment

In sync with the surge in active addresses, Bitcoin’s price on CoinGecko has climbed $28,032, giving it a 3.0% increase within the last 24 hours. This surge in price also translated to an increase of 4.7% over the course of seven days.

Source: Coingecko

The surge in active addresses showcases the growing utility and adoption of Bitcoin, which is vital for its sustained growth in the cryptocurrency ecosystem. As we approach the month of June, all eyes are on Bitcoin to see if it can surpass the significant milestone of 1 million daily active addresses.

Bitcoin Whales Resume Aggressive Accumulation

Despite a temporary slowdown in accumulation, Bitcoin whales – those holding 10,000 or more BTC – have once again intensified their acquisition of the leading cryptocurrency, with a particular surge observed over the weekend.

This aggressive accumulation by whales suggests a renewed confidence in Bitcoin’s long-term potential and may serve as an indicator for future market trends.

BTCUSD reclaims the key $28K territory today. Chart: TradingView.com

In the wake of these developments, the crypto market has witnessed a significant increase in liquidations, surpassing a staggering $118 million within the past 24 hours alone.

According to The Kobeissi Letter, an authoritative source on market insights, the recent breakthrough of Bitcoin above the $28,000 mark coincided with the news of a debt ceiling deal “reached in principle” on the previous night.

In the debt ceiling deal, the debt ceiling is rumored to not be raised by a specific amount.
Instead, the debt ceiling will run uncapped until January 1st, 2025.
Many are underestimating how significant this is.
This means that the debt ceiling is basically unlimited for the…
— The Kobeissi Letter (@KobeissiLetter) May 28, 2023

Elaborating further, The Kobeissi Letter reveals that the debt ceiling is rumored to remain uncapped until January 1, 2025, without a specific raise in the limit.

This development introduces a level of uncertainty and potential implications for the financial landscape, driving market participants to seek alternative investments such as Bitcoin.

-Featured image from VectorStock