Bitcoin [BTC] strikes a careful balance with the pitch of these two metrics

• Bitcoin’s total address count has been on a downward spiral recently
• Supply on exchanges has also increased, with BTC’s price breaking its January highs

Bitcoins [BTC] meteoric rise has enabled it to revisit and even break beyond the January high on the price front. In fact, the royal coin has been more volatile than usual due to ups and downs in the charts. The aforementioned uncertainty has nevertheless not deterred new investors from becoming owners in this market.

Read Bitcoin (BTC) Price Prediction 2023-24

More Bitcoin addresses appear

Number of addresses that have flowed to Bitcoin [BTC] the last two months have risen, according to data from The minutet. In the last two months alone, another 1.7 million addresses have been added – an increase of around 4%.

In fact, the total number of addresses had risen to 45.19 million at the time of writing.

What these observations reveal is that the crypto’s price volatility didn’t exactly deter new investors from taking a position in Bitcoin.

Source: Sentiment

Bitcoin bounces back on the daily time frame

After a brief bout of volatility that saw BTC swing above and below the $25,000 level, at the time of writing, Bitcoin was traded at $26,057. This after the world’s largest cryptocurrency has appreciated by almost 30% in the last 6 days alone.

Source: BTC/USD, TradingView

The aforementioned bullishness was evidenced by BTC’s price charts on the daily time frame. Both the Relative Strength Index and the MACD projected an uptrend, one supported by the location of the moving average.

Here it is worth noting that the RSI had a reading of 67 at press time. Simply put, the RSI was heading into the overbought zone – a sign of the market’s bullishness.

More Bitcoin hits exchanges

While the price and quantity of Bitcoin addresses have increased recently, the supply of exchanges has also increased in recent days. In the past five days alone, around 50,000 BTC or $1.2 billion have been deposited into well-known crypto exchange wallets, according to Alicharts.

Consider this – At the time of writing, Santiment’s data revealed that 1.3 million BTCs were available on exchanges.

Source: Sentiment

How much is 1,10,100 BTC worth Today

The increase in the supply on exchanges is a sign that liquidity is available. The availability of liquidity can be beneficial as the number of Bitcoin addresses grows. However, BTC’s value will fall if the scales tip and there is more supply than demand.

If the current equilibrium maintains itself, it could aid BTC’s ascent and help it build a more robust support base between $25,000 and $26,000.