Bitcoin active addresses are approaching a three -month summit, signaling a potential cryptography market capitulation which can stage a price reversal from the last correction.
The addresses active on the Bitcoin network reached more than 912,300 on February 28, a level that we have not seen since December 16, 2024, when Bitcoin (BTC) exchanged for around $ 105,000, show the Glassnode data.
Bitcoin number of active addresses. Source: Glassnode
The wave of active addresses can point out a “moment of capitulation” for the cryptography market, according to the Crypto Intotheblock intelligence platform. The company noted in a position on February 28 on X:
“Historically, the peaks of chain activity have often coincided with peaks and stockings, led by selected panic sellers and opportunistic buyers.”
“Although no metric guarantees a price reversal, this thrust suggests that the market could be a crucial turning point,” added the position.
In the financial markets, the capitulation refers to investors who sell their positions in panic, resulting in a significant drop in prices and signaling a background of the imminent market before the start of the next upward trend.
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Bitcoin must maintain more than $ 80,500 to avoid other losses
Bitcoin’s ability to stay above the $ 80,500 threshold can act as a “potential catalyst for market stabilization”, according to Stella Zlatareva, Dispatch publisher of the Nexo digital asset investment platform.
Zlatareva told Cintelegraph:
“Options data indicate that BTC’s ability to recover $ 80,500 will be a key factor in short -term momentum. An escape above this level could open the way to upward advantages, while a failure to establish it as a support can lead to new tests on the disadvantages. »»
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However, Bitcoin can review this crucial support if its price decreases less than $ 84,000.
Bitcoin Exchange Liquidation MAP Source: Coinclass
A potential correction of less than $ 84,000 would trigger more than a billion dollars of long liquidations with leverage in all exchanges, according to Corglass data.
Despite short -term volatility, the Bitcoin price is closer to the formation of a background of the market than reaching a local summit, depending on the market value of Bitcoin at the value achieved (MVRV) Z -SCORE – A technical indicator used to determine whether an asset is exaggerated or occurred.
Bitcoin MVRV Z-SCORE. Source: Glass nose
The Bitcoin MVRV Z-Score was at 2.01 on March 1, signaling that the Bitcoin price approaches green territory at the bottom of the graph, becoming more and more occurring, according to Glassnode data.
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