![Bitcoin [BTC]: Analyzing the highs and lows of the last 48 hours](https://i.headtopics.com/images/2023/4/27/cryptoamb/bitcoin-btc-analyzing-the-highs-and-lows-of-the-la-bitcoin-btc-analyzing-the-highs-and-lows-of-the-la-1651625503424487429.webp)
As Bitcoin's price swung wildly in the last 48 hours, savvy holders took advantage. Meanwhile, Bitcoin HODLers remained bullish, continuing their accumulation despite market volatility.
was hovering around $29,000, showing a nearly 2% increase in value. While the Relative Strength Index suggested a slightly bullish trend, the Moving Average Convergence Divergence was below zero.Active addresses on different timeframes, the surge in Bitcoin’s price to the $30,000 range was accompanied by a significant increase in trading volume.
On the other hand, the sudden price drop mirrored the decline of the S&P 500. The market may have been motivated by concerns about an impending recession, with the Federal Open Market Committee meeting, looming the following week. Furthermore, the data revealed a decreasing 24-hour active address metric, indicating decreased interactions with the asset.Despite the decrease in 24-hour active addresses, the 30-day version of the metric revealed a more optimistic outlook. The metric showed an upward trend in active addresses over the last 30 days.
Moreover, at its current level, the number of active addresses was higher than any other month in 2022 and parts of 2021. The metric’s state suggested that despite the decline in daily active addresses, there was still an overall increase in active addresses over a more extended time frame.
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