The crypto markets are on a roller coaster ride nowadays as the prices of the top cryptos have turned uncertain. The bitcoin price, specifically, is showing immense weakness, which may negatively impact the crypto price in the coming days. Besides, some believe the bulls have been constantly accumulating strength so that they can push the prices up above the intermediate barriers frequently.
Therefore, amid the conflict to gain supremacy between bulls and bears, what may be expected from the Bitcoin (BTC) price in the next few days? To determine the next plan of action for the Bitcoin price, considering the below fractals is pretty important.
Bitcoin Trading Volume
The trading volume in the past 24 hours is directly proportional to the price of the token. A rise in levels usually uplifts the price, and a drop ignites a plunge. However, an inverse action has been recorded, as a drop in volume has triggered a notable rise in the BTC price.
It indicates that the bears have not yet intervened in the bullish action and are busy elevating the price above $30,000. Now that the volume has slightly shifted towards the bears, the price has begun to consolidate within the narrow regions.
The total BTC in circulation is also considered one of the important metrics that help to maintain the popularity of the token. Conversely, a rise in the levels usually prompts a slight decline in the price as it reduces the demand. Besides, a drop in circulation may lift the prices up as it makes the token scarce.
However, the daily circulation of BTC has remained unchanged since the beginning of the year. Besides, the 30-day average of the circulation also manifests a similar trend, indicating that neither new coins were added to the circulation nor taken down. Despite this, the price maintained a significant upswing, which may end up squeezing the market to a large extent.
Bitcoin Daily Active Addresses
The daily active address is the address that is actively interacting with the platform. All the addresses are considered regardless of whether it is a buy, sell, or swap address, but only once per day. The rise in the DAA indicates the rise in popularity of the token along with growing demand that maintains high volatility.
The DAA has maintained a stagnant trend largely regardless of price movements. The levels were the same when the BTC price faced a massive sell-off and also when the price underwent a significant upswing. Therefore, it indicates the dominance of bears, which have been outpowered by bulls at the moment.
Collectively, the bulls and the bears appear to be in tough competition to display their supremacy. Thus, the price is believed to maintain a consolidated trend until either of them displays its weakness. Therefore, it would be pretty early to say whether the prices may soar beyond $30,000 or drop below $25,000 as it continues to hold above the pivotal support at $26,900.