BTC tops $80K for first time in 3 months, but network activity hits 2-year low

Bitcoin has surpassed the $80,000 mark for the first time in three months, but concerns are growing that the rally could reverse due to weak on-chain activity, CryptoPotato reported. On-chain analytics firm Santiment noted that despite the price surge, network usage is at a remarkably low level. The firm highlighted that daily active addresses stand at 531,000 and new addresses at 203,000, both two-year lows. This is in stark contrast to past price rallies, which were supported by a surge in new users, suggesting the current price action is driven by a small number of participants rather than widespread adoption. In contrast, crypto analyst Ali Martinez offered a more bullish outlook. He noted that a weekly MACD golden cross on April 13 was followed by a roughly 15% price increase, with a high probability of further gains. Martinez projected that if BTC breaks through its 200-day moving average near $83,000, it could rally even higher.