Bitcoin (BTC) has rebounded nearly 12% from its July low near $57,800, rising back toward $65,000 as buyers continue to defend an ascending channel. The recovery has placed the world’s largest cryptocurrency within range of a key resistance zone around $67,300, where a decisive breakout could clear the way toward $70,000 and beyond.

At the same time, Bitcoin’s on-chain data presents a mixed picture. Daily transaction activity has climbed to multi-year highs, while the number of active addresses has continued to fall. The divergence suggests that current network usage is being driven more by existing participants increasing activity than by broad-based growth in the number of active users.

Bitcoin Holds Recovery Inside an Ascending Channel

Bitcoin has continued to recover after rebounding from a $57,817 swing low earlier this month. The nearly 12% move has taken BTC back to around $65,000, with price action developing inside an ascending channel marked by a sequence of higher highs and higher lows.

The recovery follows June’s correction and has brought renewed focus to the $67,334 region. That level aligns with the 0.382 Fibonacci retracement and has acted as the immediate barrier for buyers. Because it has capped the recent advance, the zone remains the main short-term level being watched by traders.

A decisive daily close above $67,334 would indicate a continuation of the recovery and support the case for a move toward the 0.50 Fibonacci retracement at $70,274. A further extension would bring $73,213 into focus as another upside level in the near term.

If Bitcoin is rejected again near the current resistance area, the cryptocurrency could continue consolidating within the ascending channel. In that scenario, $63,696, which coincides with the 0.236 Fibonacci retracement, would be the first support and demand zone to monitor. A break below that level would expose the lower boundary of the channel and shift attention toward the $59,819–$57,817 support region.

On-Chain Data Shows Higher Transactions but Fewer Active Addresses

Bitcoin’s on-chain indicators are showing contrasting signals as price approaches a critical resistance zone. Active addresses have been trending lower over the past year, while daily transaction activity has risen to some of its highest levels in recent years.

The 7-day moving average of active Bitcoin addresses has fallen from around one million in early 2024 to nearly 600,000 in July 2026. This indicates that fewer unique wallets are actively participating on the network, pointing to softer retail engagement compared with previous market cycles. Active-address data is also an imperfect proxy for users, because one person or institution can control many addresses, while custodial platforms can aggregate activity for many users through fewer on-chain wallets.

Daily Bitcoin transactions, however, have moved in the opposite direction. Transaction counts have climbed steadily to nearly 750,000 per day on a 7-day moving average, reflecting sustained demand for block space and increased economic activity across the Bitcoin network. Transaction counts can rise even without a matching increase in active addresses when existing wallets send more frequently, exchanges rebalance funds, or larger entities consolidate and redistribute holdings.

The split between falling active addresses and rising transaction counts suggests that existing market participants are becoming more active rather than a large number of new users entering the ecosystem. Institutional investors, exchanges, long-term holders, and other large entities may be contributing to higher transaction volume even as overall wallet participation declines.

$67,334 Remains the Key Level for BTC

Bitcoin remains in a constructive technical structure while trading inside the ascending channel and approaching the $67,334 resistance level. A confirmed breakout above that Fibonacci level could strengthen upward momentum and open the path toward $70,274 and $73,213.

However, the on-chain backdrop remains nuanced. Rising transaction activity indicates strong network utilization, while the decline in active addresses shows that the recovery is not being matched by a broad increase in active wallet participation. For now, $67,334 remains the defining level for BTC as price tests a crucial breakout area, with follow-through above resistance and continued network activity likely to remain the main data points traders monitor.