Bitcoin Network Activity Slides to 2018 Bear Levels, Then Starts Rebounding
Bitcoin network activity has fallen to levels last seen in the 2018–2019 bear market, according to CryptoQuant analyst thechessONCHAIN. The 30-day average of Bitcoin active addresses dropped to 609,688 on July 19, 2026, and the 100-day average fell to 621,957 on July 27.
Active addresses track unique Bitcoin addresses that send or receive BTC daily, and moving averages smooth daily volatility. Historical context shows similar low readings occurred in 2016–2017 and did not line up perfectly with past price bottoms, meaning low Bitcoin network activity alone is not a standalone timing signal.
On the price side, BTC made a local low of $58,535 on June 30, 2026. The activity averages bottomed later—19 days (30-day) and 27 days (100-day) after the price low. Since then, Bitcoin network activity has turned higher: the measures reached 664,764 (as of August 8 for the 30-day average) and 640,603 (for the 100-day average), while BTC is still above its June low.
Key levels traders are watching are 609,688 (30-day activity), 621,957 (100-day activity), and $58,535 (BTC price). If either activity average falls back below its July low, the “joint recovery” thesis weakens. A sustained move below $58,535 would invalidate the current price-bottom hypothesis.
Overall, rising Bitcoin network activity alongside price stabilization is constructive, but it is not an independent buy signal.
Neutral
This news is best read as a cautious “potential stabilization” rather than a confirmed reversal. The article highlights that Bitcoin network activity (active addresses) fell to 2018–2019 bear-market ranges, but also stresses historical mismatches: activity lows often did not align precisely with price bottoms in prior cycles (2016–2017 and 2018–2019).
For traders, the immediate implication is risk-management around defined invalidation levels. The “joint recovery” setup is constructive because both the 30-day and 100-day active-address averages have turned up while BTC holds above $58,535. However, the piece explicitly warns that rising network activity is not causally tied to a bottom—so traders should expect volatility if BTC approaches the $58,535 line again or if either activity average slips below its July low.
In the short term, improving network activity could support dip-buying sentiment and reduce odds of further breakdown, but conviction should remain moderate. In the long term, sustained maintenance above both activity thresholds and price support would better support a broader recovery narrative; conversely, a sustained break below $58,535 would tilt the market back toward a bearish continuation, similar to how prior cycles invalidated signals when confirmation failed.