- Number of Bitcoin addresses experiencing losses reaches one-month peak.
- Number of Bitcoin addresses holding 0.01 or more coins hits all-time high.
- Total count of non-zero BTC addresses reaches all-time high.
In a recent Twitter update, Glassnode, a prominent on-chain analytics firm, reported that the number of Bitcoin (BTC) addresses experiencing losses (7-day moving average) has surged to a one-month peak of 14,043,772.351. This figure surpasses the previous high of 14,041,288.054, recorded on July 31, 2023.
Additionally, it is important to highlight that Glassnode’s data has revealed a significant milestone in the crypto market. The number of Bitcoin addresses holding 0.01 or more coins has surged to an unprecedented all-time high (ATH) of 12,221,783. This remarkable achievement showcases Bitcoin’s growing adoption and interest, indicating a positive trend for the cryptocurrency industry.
Furthermore, the esteemed on-chain data analytics firm has reported a significant milestone, revealing that the total count of non-zero BTC addresses has surged to an all-time high (ATH) of 47,923,325. However, it is worth noting that despite its prominence, BTC experienced a decline in value within the last 24 hours of trading, placing it among the top 10 cryptocurrencies affected by this downward trend.
As per CoinMarketCap data, the prevailing market leader’s value stood at approximately $28,933.51 at the time of reporting, experiencing a decline of 1.49% within the last 24 hours. Consequently, Bitcoin (BTC) was trading near its daily low of $28,801.28 rather than its 24-hour high of $29,463.87.
Despite experiencing a minor setback, Bitcoin (BTC) exhibited resilience and outperformed its rival, Ethereum (ETH), by approximately 0.15%. Nevertheless, Bitcoin’s weekly performance took a downturn, entering negative territory with a decline of -0.76% after the 24-hour loss.
BTC is hovering just above the crucial support level of $28,500 when writing. Should it fail to maintain this level and close a daily candle below it, there is a potential risk of a significant drop to around $26,470 in the coming week. Conversely, if BTC manages to bounce back from this support level, it could potentially aim to breach the psychological resistance of $30,000 in the next few days.
If the bulls intervene and support BTC during a potential retest at $30K, the market leader could successfully convert the resistance level into a support level. This favorable outcome could pave the way for BTC to ascend towards the next resistance level at $31,095 within 48 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
