CoinNess Analysis: BTC Could Rebound As Number Of Active Addresses Soars

Though Bitcoin (BTC) is experiencing the retracement stage as more Bitcoin leave the wallets, Bitcoin holders are patient enough and unrelenting. Accordingly, it is needed for the oldest cryptocurrency to rebound, according to Jins, the in-house crypto analyst at CoinNess.com.

On March 23, the number of Bitcoin addresses upswung to a recent high of 1.237 million, which helps the BTC price stay bullish and indicates that short-term investors are regaining confidence. In particular, more investors expanded their positions at a low price when the price fell back to $54,000 level from the previous $60,000 threshold.

The on-chain trading volume rallied significantly on March 23, with an increase of up to 39%. That is to say, investors were ready to buy more coins at a low price level. On these grounds, the activity of Bitcoin remains high, and the 30-day moving average is expected to act as a starting point for the king coin to pick up.

Influenced by Bitcoin, other major cryptocurrencies are rising as well, and NTF coins are retaking lost ground with an average increase of 5.5%. In the meantime, cryptocurrencies such as DOT and ETH have fully corrected in wake of BTC, and currently have the basis for a short-term rebound. Therefore, investors can expect the future price increase.

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