Bitcoin Market Forecast: BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing

BTC/USD has been slowly inching closer to $10,000 for the past three days.
The total number of daily active addresses continues to grow.
Bulls want to see a significant surge in trading volume for a successful $10,000 breakout.

Lorenzo Stroe Independent Analyst

Bitcoin is holding surprisingly well after the flash crash on June 2. Bulls keep defending the daily 12-EMA while Bitcoin slowly climbs higher. BTC/USD is trading at $9,660 at the time of writing, looking at the $9,887 resistance level.

A daily parallel channel has also formed recently and could hold Bitcoin inside for the next few weeks before a clear break.

Fundamentals are strong for Bitcoin

According to the most recent report by Santiment, the number of Bitcoin’s daily active addresses is growing. This metric can be deceiving as addresses will become active when Bitcoin crashes because people are looking to sell; however, it is still a good indicator if we look at the general picture.

$BTC's daily active address (unique addresses transacting on the network) continues to grow.

This is one of the most promising metrics to justify a price uptrend of an asset, and Bitcoin is getting close to its 6-month high of ~1.01M DAA in early May. https://t.co/XUdriBVPeR pic.twitter.com/UtvihuoDzq
— Santiment (@santimentfeed) June 5, 2020

Additionally, Grayscale, a massive Bitcoin trust fund, has accumulated over 28,000 BTC since the halving. Almost 10,000 Bitcoin just last week according to recent statistics.

Another massive week for Grayscale.

Grayscale added 9,503 BTC to their Bitcoin Trust since last week (28,413 BTC since the halving).

Bitcoin miners only produced 6,863 BTC since last week (19,200 BTC since halving).

pic.twitter.com/BGHKcbiJwQ
— Kevin Rooke (@kerooke) June 4, 2020

BTC/USD daily chart

BTC/USD technical levels

BTC/USD

Overview
Today last price	9664.29
Today Daily Change	-126.00
Today Daily Change %	-1.29
Today daily open	9790.29

Trends
Daily SMA20	9424.93
Daily SMA50	8775.58
Daily SMA100	7907.87
Daily SMA200	8087.85

Levels
Previous Daily High	9887.21
Previous Daily Low	9447.49
Previous Weekly High	9614.06
Previous Weekly Low	8637.26
Previous Monthly High	10074.48
Previous Monthly Low	8105.58
Daily Fibonacci 38.2%	9719.23
Daily Fibonacci 61.8%	9615.46
Daily Pivot Point S1	9529.45
Daily Pivot Point S2	9268.61
Daily Pivot Point S3	9089.73
Daily Pivot Point R1	9969.17
Daily Pivot Point R2	10148.05
Daily Pivot Point R3	10408.9

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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Bitcoin Market Forecast: BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing