Bitcoin price falls, data shows it's a good indicator as active users rise BTC Crypto Santiment
Traders have already taken profits on the move, as Bitcoin hit a low of $41,570 on Feb. 14, but it has since risen somewhat to about $42,000 at press time.
According to Santiment, Bitcoin is continuing to demonstrate a solid mid-term increase in utility, with the biggest activity day being Feb. 12, when 1.08 million addresses were transacted on the Bitcoin blockchain. According to the on-chain analytics firm, an increase in participants transacting on the BTC blockchain is a positive sign of greater utility, which precedes price increases.
Over the weekend, the largest cryptocurrency was restricted to a tight range and was nearly flat over the preceding 24 hours. Pullbacks could be stabilized if initial support at $40,000 is found. Bitcoin was trading at around $42,091 at the time of writing. After a drop from the $45,855 level last week, Bitcoin stayed above the $41,914 support over the weekend. Bitcoin has shown strength this month after falling to lows of $32,950 on Jan. 24. BTC breached the resistance levels of $38,000 and $41,500 in the first week of February, reaching monthly highs of $45,855, levels last seen in late December 2021.
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