Bitcoin's Divergence: Is 'Uptober' at Risk?
Bitcoin, the leading cryptocurrency, is currently navigating a period marked by a concerning negative divergence. This phenomenon raises critical questions about the durability of its recent price appreciation and whether the bullish sentiment often associated with "Uptober" can genuinely prevail. The core concern revolves around how this technical signal might influence price trajectory in the immediate future. Understanding Bitcoin's Network Activity Decline Recent observations from crypto analyst CryptoOnchain, shared on the CryptoQuant platform, highlight a significant negative divergence between Bitcoin's price and the number of active addresses on its network. This insight is derived from the "Bitcoin Active Addresses" metric, which meticulously tracks unique wallet addresses engaging in transactions over a specified timeframe. Essentially, this metric serves as a crucial barometer for user engagement and overall activity within the Bitcoin ecosystem. Th…
