Bitcoin rallied on Thursday to finally blitz past the $9,500 resistance level. Bitcoin is up by almost 30% year-to-date, according to blockchain analytics firm Skew. Such a stellar performance in Q1 has not been seen in the crypto markets in the last 7 years.
#1. Bitcoin Moved Above The Crucial 200-Day MA
Bitcoin has crossed the 200-day moving average on only three occasions since its birth: in March 2012, in October 2015 and in April 2019. Notably, all of these three occasions were followed by face-melting rallies that took the top cryptocurrency to new highs.
#2. Bitcoin Hash Rate Hits Fresh All-Time High
Amid the rising prices, the bitcoin network recently printed a new all-time high. A pseudonymous Twitter account named The Moon pointed out that bitcoin’s hash rate clocked up more than 123 quintillion hashes per second. According to him, this is an indication that the flagship crypto asset is “screaming for a huge bull run leading into the halving.”
#3. A Steep Increase In The Number Of Active Bitcoin Addresses
Monitoring resource Glassnode compiled an analysis of the growing number of entities controlling active bitcoin addresses. According to Glassnode, this is a sign of continued bitcoin adoption.
Historically, the increase in bitcoin addresses has always preceded a huge rally. Case in point, bitcoin addresses saw an increase in October 2017 before the historic December bull market. Also, bitcoin’s surge to $13,796 in June last year was concurrent with an increase in the number of active addresses.