Bitcoin Network Takes In 1.2 Million New Users as Bullish Sentiment Returns

Azeez Mustapha
12 August 2021 | Updated: 12 August 2021

Bitcoin (BTC) appears to have regained a bullish outlook, as it maintains its position above the critical $45k mark and is up by 19% over the past seven days.

Famous crypto analyst Willy Woo recently noted that the BTC network activity is picking up steam once again. The Chinese-based analyst asserted that the user base on the blockchain currently grows at its fastest pace ever.

Woo revealed that over 1.2 million new users have come aboard the network in the last 30 days. The analyses added that this figure does not account for the inflow of off-chain users on the blockchain, increasing the previously mentioned number by three folds.

Woo also drew attention to the growing demand and accumulation rate of BTC by corporate/institutional investors. The analyst reported that whale accounts now hold 25% of the total supply of Bitcoin.

Over the last year, institutional participation in the primary cryptocurrency surged significantly, bolstering the 2020 -2021 bull run. The largest institutional BTC investor, MicroStrategy, now holds over 100,000 BTC or 0.56% of the total supply in its treasury.

Woo noted that “0.9% of the supply is inside corporate treasuries while 3.7% is inside ETFs”.

Key Bitcoin Levels to Watch — August 12

Following its recent explosive rally to the upper-$46k area, the benchmark cryptocurrency suffered a minor dip to the $45k support. However, bears appear to have lost their foothold in the market, as the crucial $45k support remains unbroken.

BTCUSD – 4-Hour Chart

That said, bulls are now in the process of facilitating another rebound from the $45k support to dismantle the $47k barrier. We expect a price bump into the $46k region over the coming hours and a bullish continuation from there, as BTC no longer trades in overbought conditions.

Meanwhile, our resistance levels are at $46,000, $47,000, and $48,000, and our key support levels are at $45,000, $44,000, and $43,000.

Total Market Capitalization: $1.90 trillion

Bitcoin Market Capitalization: $854.4 billion

Bitcoin Dominance: 44.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.