Bitcoin Bounce Back Despite Death Cross: Surge in New Addresses Signals Return of Retail Investors

Recent trends indicate a potential resurgence of retail investors in the crypto market, as evidenced by an increase in new Bitcoin addresses. According to market intelligence platform IntoTheBlock, data suggests a renewed interest from retail investors after a prolonged downward trend in new address creation.

Since November 2023, the number of daily new addresses had been decreasing, which was seen as a bearish indicator reflecting reduced participation from new retail investors. However, recent weeks have shown a reversal, with new addresses trending upwards.

Crypto analysis platform Glassnode reports that new Bitcoin addresses reached a low of 203,536 on June 7, 2024. Since the beginning of August, this number has increased, ranging from 286,000 to 337,000.

IntoTheBlock suggests that this shift may indicate renewed interest from retail investors, which could lead to a more balanced market and provide a stronger foundation for the next phase of growth.

Additionally, Bitcoin prices saw a significant drop on August 5, falling to $49,221. However, they quickly rebounded, reaching over $62,000 by August 8, according to CoinGecko. ITC Crypto founder Benjamin Cowen highlighted the possibility of a "death cross," suggesting that the market's stability might depend on Bitcoin maintaining a price above $62,000, similar to its behavior in 2023.

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