BTC quickly recorded a new weekly high after a sharp hourly correction of 3.41% on October 15. Along with the price, BTC’s onchain data also showed positive improvement, with active addresses indicating a positive shift in market demand and user activity.

Bitcoin daily chart. Source: Trading View

The weekly chart now illustrates BTC’s fourth attempt to break above the 217-day upper trendline, which could have an immediate impact on its price trajectory.

Bitcoin weekly chart. Source: Trading View

The range between $68,300 and $67,300 will be a crucial junction for BTC, where the price needs to move to support to break the aforementioned downtrend. Veteran trader Peter Brandt highlighted the same range in the chart below:

Bitcoin Price Analysis by Peter Brandt. Source: X

While Bitcoin price may face short-term market volatility, improving onchain metrics suggest that the long-term bullish trend continues to develop.

Data from Cryptoquant shows that Bitcoin has seen a significant increase in the number of active addresses since the beginning of September. As shown below, the Bitcoin Active Address Momentum indicator has reversed its downward trend and has been rising over the past 45 days.

Bitcoin Active Address Momentum Chart. Source: Cryptoquant

The active addresses indicator moving above both the 30-day and 365-day moving averages signals a positive change in improving user engagement and demand.

On the altcoin side, the biggest gainer on the day is BONK with a 9.5% gain on the day and is trading at $0.000024.

The second biggest gainer in the past 24 hours is DOGE, which added 6.7% and was likely due to the buzz on social media X about Elon Musk's $75 million donation to the US Political Action Committee (PAC) since July and the expectation of greater support from the billionaire for the memecoin in the coming months.

The remaining altcoins are seeing gains ranging from 0.1-4.5%.

Source: Coingecko

Overall, the top 100 is recording a mixed performance with the biggest loser being Hedera’s HBAR which is down 7.6% on the day and WLD, BEAM, ENA, NOT and TAO all down over 4% in the same time period.

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