To The Moon

As I have written in my previous article, I have been watching the inflows and transactions on the Bitcoin network as the market looks forward to the Ethereum Spot ETF launch.

So as we have seen Bitcoin cleared the $65,000 mark at the time of this writing, so it is time for the crypto stocks like $Marathon Digital Holdings Inc(MARA)$ $MicroStrategy(MSTR)$ and $Coinbase Global, Inc.(COIN)$ to shine.

In this article I would like to show you what are the data that I am looking to assess the trend for Bitcoin rise and how this could help the crypto stocks.

Transactions On The Bitcoin Network (Daily, 7DMA)

If we looked at the daily transaction, we could see that when there is a downward movement on the transaction, the Bitcoin would be trading lower, because the capital inflows are not coming in.

With the institutions resume their buying, obviously not for one day or two, we can see a nice move upside over the last two days when Bitcoin start to move above $60,00 over the weekend (14 July).

The next indicator I am looking is the number of active addresses on the Bitcoin network over the 7-day MA, whether we are detecting an increase, this would mean bitcoin investors are coming back.

Increase In Active Addresses On Bitcoin Network (7DMA)

As we can see that there was a decrease of the active addresses over the last few days, but if we looked at the chart, there is a slight increase coming back, suggesting that there might be some trading action on the Bitcoin.

I would think of it as buying from these comeback active addresses, as seen from the previous dates, there could be possible.

Bitcoin’s Hash Rate Over the 7-days MA

One last factor would be the Bitcoin hash rate, we can see that there is decline when Bitcoin is at its lowest, but when Bitcoin begin to recover, we are seeing that Bitcoin is trading at a consistent rate.

So what does this mean, it looks like mining Bitcoin when Bitcoin price is low, miners are selective, and we should be seeing miners engaging in more mining activities as the hash rate stay stable.

I am expecting the Bitcoin to run while we approach the Ethereum ETF launch.

Summary

I just shared 3 of the indicators that I used to see how Bitcoin prices might move, there are more to explore if we wanted to know how crypto stocks could benefit from these.

I will share more as we move along.

Appreciate if you could share your thoughts in the comment section whether you think Bitcoin would continue to rise as active addresses start to increase.

@TigerStars @Daily_Discussion @Tiger_Earnings @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.