Excluding transfers between wallets by the same users, the value of Bitcoin transactions has rapidly grown over the last 13 years. Despite the bearish market, BTC has consistently exceeded its previous highs while the sector has kept growing and developing.
Although the second quarter of 2022 was the worst for Bitcoin (BTC), there is growing interest in it. According to David Puell, an analyst at ARK Invest, transactions in the pioneering cryptocurrency have reached more than USD 100 trillion.
According to Glassnode, the value of Bitcoin transactions has rapidly grown over the last 13 years. That data includes transfers between wallets by the same users, as shown in the chart shared by Puell.
Puell thinks that the USD 100 trillion level is an interesting statistic. Besides, he said that the accumulated activity of the network amounts to almost USD 7.3 trillion.
Bitcoin Still Needs to Reach Other Milestones
Since that metric resulted from excluding on-chain events not proving peer-to-peer transactions, it does not cover exchanges between wallets of the same user.
All indicators show that the popularity of Bitcoin has had steady and rapid growth. Leading financial institutions have also recognized crypto assets as a viable asset class. Banks like JP Morgan and Goldman Sachs have entered the market, including BTC in retirement plans.
Although the crypto market is undergoing a bearish trend, Bitcoin has consistently exceeded its previous highs. In addition, the sector has kept growing and developing despite the unfavorable situation this year.
Bitcoin is trading at around USD 21,415 and has accumulated a 1% loss over the last 24 hours. While its daily trading volume is above USD 26.42 billion, its market capitalization is about 409.71 billion, according to CoinGecko.
The Price of BTC Might Drop below USD 20,000 Shortly
After a bullish divergence, Bitcoin broke above USD 21,700 and may have rejected the bearish impact. Although indicators are closer to a transition from bearish to bullish, no significant buying pressure is building.
The indecisive behavior of the value of BTC seems to create uncertainty in the crypto space. The price action does not confirm the claim despite bullish technical signals. Therefore, many believe any upward momentum will be temporary and may tend to drop soon.
The famous analyst Bluntz maps the lows that the BTC might reach before a significant rebound. He believes the price is rising, forming increasingly high highs and lows. However, the trend has remained diagonal for the past few days, indicating a new low on the horizon.
The lowest target for the cryptocurrency was previously at around USD 20,000, but the recent price cut lowered it to USD 17,000. Many assume that those lows occur if the company does not maintain its previous goal.
While the weekly RSI stands at 34, the price of Bitcoin is around USD 21,415. The 20, 50 and 200- MA is at USD 26,917, USD 39,532 and USD 23,111 respectively. Furthermore, the Bollinger Bands hold a parallel trend with a USD 40,084 resistance and a USD 13,751 support.
By Alexander Salazar
