The month-end closing is on the horizon! A fair amount of volatility was expected to kick in. But the current trade setup indicates the price may remain largely stagnant not only until the close but also for the next few weeks of August. Now that the price shows signs of a bullish breakout, the possibility of the price reaching the upper crucial target of around $35,000 emerges.
While the BTC price continues to trade within narrow regions, the adoption rate of the star crypto has surged. As per the data from Glassnode, the non-zero balance address and the other on-chain factors remain elevated, signalling an intensified adoption rate. Interestingly, the non-zero address count has marked a new ATH of 47.9 million.
Other than a rise in the non-zero address count, the BTC hash rate and cumulative hashes have also soared. Although the new address momentum continues to maintain a consolidated trend, holding above the lower crucial support indicates the strength of the bulls. Additionally, the long-time holders have also surged magnificently. The supply last active in 1+ years, 2+ years, 3+ years, and 5+ years has been soaring extremely high, indicating the participants tend to hold the token for a long term.
Therefore, now that the BTC price is trying to accumulate gains, the possibility of a bearish pullback is reduced, increasing the probability of a bullish breakout. Hence, the August trade is believed to remain elevated throughout the month. Hence, may reach the interim resistance at around $31,800 and a clear upswing beyond $33,000 in August 2023.
