Bitcoin Network Activity Hits 2018 Bear Market Levels
The Bitcoin network activity has reached levels not seen since the 2018-2019 bear market, according to CryptoQuant analyst thechessONCHAIN. The 30-day moving average of active Bitcoin addresses fell to 609,688 on July 19, while the 100-day average declined to 621,957 on July 27.
For comparison, similar lows were recorded at 570,710 in July 2018 and 605,433 in January 2019. However, when Bitcoin bottomed at $3,206 on December 14, 2018, both activity averages were actually higher than their latest lows, at 625,967 for the 30-day average and 632,754 for the 100-day average.
ThechessONCHAIN notes that low active-address counts alone cannot reliably identify either a bear-market bottom or the timing of a price reversal. Historical comparisons provide useful context but should not be treated as a standalone trading signal.