The most recent data from CryptoQuant indicates that Bitcoin’s active addresses have undergone a significant change in momentum, as the 30DMA has surpassed the 365DMA, resulting in a “golden cross” historically associated with upward price momentum.
A “death cross” pattern had emerged that drove the Bitcoin price into bearish territory after Bitcoin’s last all-time high in March.
BTC has yet to surpass the March levels since that time. Nevertheless, the momentum appears to be shifting, as bulls are in position and the “Golden Cross” pattern has recently formed. Furthermore, the transaction counts are nearly double those of the 2021 cycle, emphasizing increased market activity.Nevertheless, CryptoQuant analysts warn that the current trend of BTC may resemble the mid-2021 consolidation phase if the 30DMA does not surpass the 365DMA more significantly. This critical period is one that investors should closely monitor when evaluating long-term momentum.