Bitcoin Surpasses $81K, Yet On-Chain Activity Hits Two-Year Lows
- On-Chain Activity Decline: Santiment reports that Bitcoin's daily active wallets have dropped to 531,000, with only 203,000 new wallets created, both figures marking two-year lows, indicating that despite price recovery, user engagement is insufficient, which may weaken the foundation for price increases.
- Price Increase Dynamics: Bitcoin has risen 22% over the past five weeks; however, due to low on-chain activity, market participation is limited, with price increases primarily driven by a small number of large holders, lacking broad user support.
- Institutional Fund Inflows: U.S. spot Bitcoin ETFs recorded $162.8 million in net inflows for the week ending May 1, with a single day seeing $630 million, boosting Bitcoin's market dominance to 60.73%, indicating a rotation of capital from other cryptocurrencies into Bitcoin.
- Improved Miner Economics: Miners' expected daily returns have reached $37 per petahash per second, the highest in two years, which reduces selling pressure, while triggering $270 million in short liquidations adds further momentum to the price increase.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 68510.205 | 71723.863 | 74896.205 | 78109.863 | 81282.205 | 84495.863 | 87668.205 |
| Fibonacci | 71723.863 | 74163.315 | 75670.411 | 78109.863 | 80549.315 | 82056.411 | 84495.863 |
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