The long-awaited bull season for BTC seems to have started. A few weeks ago, the crypto community was left in a panic when the cryptocurrency dropped below $35k at the start of the Russia-Ukraine crisis. Some market analysts predicted the price of the coin to keep falling. Sideline investors who had sold their holdings when it dropped to $35k are now coming back into the market in an attempt to recover their losses. 

BTC Continues To Rise

According to reports, since February 2022, the quantity of BTC wallet addresses holding currency has been steadily increasing. After a long time, the amount of BTC wallet addresses with a balance above zero topped 40 million, indicating increased demand for the virtual asset. This might be a sign of increased bullish sentiment.

As stated by the analytical tool IntoTheBlock, the BTC network now has 40.27 million registered addresses. This is the all-time highest for the digital currency after having a poor start at the beginning of the year.

According to resource experts, the quantity of BTC addresses with a balance greater than zero fell in February. However, the price continued rising and reached a higher level after that. “This demonstrates an increase in interest,” they noted.

Bitcoin: Bullish Indications

Long-term Bitcoin investors have continued to amass coins despite market fluctuations. The former all-time high of 39.8 million was set on the 14th of March. However, the quantity of non-zero BTC addresses has expanded by over 880,000 since the start of 2022.

The combined balances of BTC wallets that store coins acquired over the years surpassed 11.7 million Bitcoin (about $518.98 billion). From November 2021, the statistic has been trending higher.

Another optimistic indication is the movement of digital currencies from exchanges, suggesting that Bitcoin holders are reluctant not to sell. They have been designed to be long-term holders. Over the last two weeks, roughly 61,000 BTC worth $2.70 billion have been removed from trading accounts.

The famous coin has been trading above the $47k mark for the past two days. This bullish move is after the cryptocurrency surpassed the $40k resistance level earlier this month. Analysts predict that the digital currency is headed for the $55k mark and will surpass it in the coming weeks. The number of buyers will have to increase for the market to keep rising.

As of publication, Bitcoin is trading at $47,313. The crypto has dropped in price by over 0.14% in the past 24 hours. The market cap is $903.5 billion.