Credit: Original article published by Crypto Briefing Blog.

Bitcoin’s weekly chart posted a clean breakout above resistance with a 13.1% rise in prices the week ending Oct. 25. Since then, BTC has continued to rise to a new yearly high above $13,500.

Bitcoin US dollar Coinbase chart on TradingView
BTC/USD weekly chart on Coinbase. Source: Trading View

Retail Bitcoin Buyers Still Silent in Current Move

With the increase in cryptocurrency prices, over 20,000 Bitcoin addresses are now worth over a million dollars. At $13,500 apiece, this equates to an address holding about 74 BTC.

The number of Bitcoin addresses with more than 1,000 BTC made a new all-time high of over 2,200. This number is 30% greater than the 2017 bull market, which was primarily driven by retail hype.

Bitcoin address balance greater than 1,000 BTC
Number of Bitcoin addresses with a balance greater or equal to 1,000 BTC. Source: Twitter

Google Trends data on the keyword “Bitcoin” reveals that retail interest is nearly half its 2019 levels, when BTC last touched $13,000, and far from its peak in 2017. Few searches for the leading cryptocurrency could be a positive signal since retail euphoria is typically an indicator of a bubble.

Google search volume for ‘Bitcoin’ Source: Google Trend

To add to the breakout’s credibility, BTC may have its highest monthly close since December 2017⁠⁠, when BTC was trading at $13,880. Institutional backing could mean that this bull run could have more strength than the previous two attempts to break all-time highs.

Bitcoin is changing hands at $13,580 at press time, with prices up 2.9% since the weekly close.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

Categories:

Tags:

Comments are closed

Translate

Visit Our Other Websites

EdgyBranding.com - Premium Domain Names.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.