Events in May 2021 led to a decrease in bitcoin on-chain activity. The 7-day moving average of active addresses has dropped to its lowest since November 2020.
The peak of the indicator fell in January of this year, the maximum value in May (1.235 million) almost reached it.
Analysts stressed that historically, the decline in the metric correlated well with the fall in the bitcoin rate. They suggested that further negative dynamics of the indicator will signal the formation of a price peak for digital gold in April this year.
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“However, there have been episodes of sharp recovery of both metrics before. For this reason, only time will answer how events will develop this time,” they added.