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21 October 2020
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Tag : Media

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Bitcoin has shown an extreme resilience against bears that want to crash its spot rate below $10,000. And an on-chain analyst explains why. Forex professional Cole Garner issued a string of tweets earlier Tuesday to illustrate a divergence between Bitcoin’s bearish price moves and its growing network activity last week. The cryptocurrency fell to as low as $10,427 on Thursday. In the same period, its total active addresses soared above 22,000, its highest level in over two years. bitcoin, btcusd, btcusdt, xbtusd Bitcoin addresses grew to their highest level in two years last week. Source: Glassnode Mr. Garner called the current price-address divergence a “new bull market catalyst” as he added more cues to prove its sustainability in the long-term. The analyst’s key focus was the origin of Bitcoin’s new addresses. And he speculated that they were coming from the crypto mining-rich territory of China. THE PRO-BITCOIN CHINA CAMPAIGN Ahead of the third quarter’s close, the Chinese media ran a “coordinated” pro-Bitcoin agenda across multiple outlets. Dovey Wan, the founding partner of Primitive Crypto, was among the first to notice China’s change-of-heart towards the king cryptocurrency as they openly called it the “best performing asset YTD.” YTD stands for year-to-date.

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Bitcoin has shown an extreme resilience against bears that want to crash its spot rate below $10,000. And an on-chain analyst explains why. Forex professional Cole Garner issued...