351,450 BTC addresses conducted their first transactions on Oct 29, as prices raced to new monthly peaks above $73,565.
Asides from a 25.13% increase in new-user count in the last 7-days, the chart also shows that the last time the Bitcoin blockchain attracted daily new addresses exceeding 350,000 was back in April 2024.
Bitcoin has now pulled off that feat three times in the last two weeks, at Oct 17, 25th and 29th respectively. Essentially, this reflects that the rising demand for BTC observed among whale investors is also resonating among new entrants on the retail level.
Bitcoin Price Forecast: Despite 2% Pull-back, $75,000 Remains Within Reach
Bitcoin price found support at $71,800 down 2.3% on Oct 30, from the 24-hour peak of $73,565.
Based on the current on-chain dynamics, there is strong demand for BTC within the retail and whale market, suggesting potential for more upside. A Bitcoin price breakout above $75,000 could be in play, especially if US ETFs demand surge persists as Bloomberg analyst, Eric Balchunas hinted after Tuesday’s record-breaking $870 million inflows.
Technical Analysis and Key Levels
The 4-hour BTCUSD chart reveals a mixed technical outlook. The Parabolic SAR indicator, marked by blue dots, suggests that BTC might face short-term downside pressure, with the indicator’s positioning above the price action signaling possible bearish momentum.