Bitcoin has been sucking all of the oxygen out of the cryptocurrency market over the past few weeks, with the benchmark digital asset seeing a parabolic advance that has allowed it to post gains similar to those witnessed during the 2017 bull run.
Where the cryptocurrency trends in the coming few days should provide insight into the longevity of this movement.
If bulls can flip $15,000 into a strong support level, this could provide a base upon which it can grow further. That being said, a break below this level before the daily close could be dire and lead to further downside.
One factor that seems to indicate that this uptrend is just getting started is the immense fundamental strength underpinning this movement.
According to one analytics firm, the total number of unique Bitcoin addresses interacting with the network hit 1.17 million yesterday. This is the highest this metric has been since January of 2018, right after the crypto crashed from its $20,000 highs.
Bitcoin Rallies as Bulls Look to Flip $15,000 into Support
At the time of writing, Bitcoin is trading up roughly 7% at its current price of $15,100. This marks a massive surge from recent lows of $13,800 set just over a day ago.
This latest leg up came about after an extended period of consolidation within the upper-$13,000 region.
The next key resistance level analysts are watching sits at roughly $15,700, and a