Bitcoin's (CRYPTO:BTC) on-chain activity has significantly increased, indicating heightened user demand despite a recent price decline.

On July 1, unique addresses involved in transactions surged to 902,000, a 34% rise from the previous day, while new addresses for trading BTC jumped by 42%.

This uptick in activity suggests growing investor interest and potential for a price rally.

Additionally, large Bitcoin holders have accumulated over 55,000 BTC, worth more than $3 billion, during the past month.

Despite these positive signs, Bitcoin's price has dropped 13% in the last 30 days and remains below its 20-day EMA.

If the current bearish trend continues, BTC's price could fall to $58,698, but a shift to bullish sentiment may push it to $61,839.