TL;DR

Months after it was declared a ghost town, the Bitcoin network has picked up pace again, with the number of active addresses skyrocketing to over 900,000. At the same time, a popular technical indicator has flashed a buy signal, suggesting that BTCs price could be primed for another run in the short term. Network activity is an important metric that helps determine whether or not the underlying blockchain is being used and to what extent. Although its not directly linked to the assets price movements, it shows the overall interest in it, and sometimes coincides with said moves.

For instance, the active addresses skyrocketed after the US elections, and BTCs price followed suit. Contrastingly, the activity levels plunged after Trumps inauguration, as the Bitcoin network was declared a ghost town, and the assets price followed suit in the following months, dropping from over $100,000 to under $80,000.

Now, though, Ali Martinez, the popular analyst on X, outlined a substantial uptick in the number of daily active addresses. His chart shows that the usage has shot up to over 925,000 such wallets, which is the highest amount in six months.

925,914 #Bitcoin $BTC addresses were active in the past 24 hours. This is the highest level of network activity in the last six months. pic.twitter.com/fwmkrTrhA2

Recall that BTCs price has already regained over $20,000 since its April 7 and 9 lows of under $75,000. However, it faced rejection at $98,000 yesterday and has fallen by around two grand.

Nevertheless, Martinez brought up another chart, which suggests more price increases are to come for the largest digital asset. The TD Sequential, a metric used to showcase the markets exhaustion in either direction, has flashed a buy signal on the hourly chart, which is usually a good entry point.

#Bitcoin $BTC may be setting up for a rebound, with the TD Sequential flashing a buy signal on the hourly chart! pic.twitter.com/XccDIHmQ6V