The number of Bitcoin addresses holding one or more BTC has hit a new all-time high of 851,921.
The new milestone is despite Bitcoin’s bearish environment and a dip below $27k.
Short-term, Bitcoin could rebound to $30k.
However, a bottom might not be in, and further losses might be incoming for Bitcoin till it retests the 200-week moving average at around $22k.
The number of Bitcoin addresses owning one or more BTC has hit a new milestone. According to the data shared by the team at Glassnode, the number of such addresses has hit a new all-time high of 851,921. The Glassnode team shared their observation of Bitcoin investors through the following tweet and accompanying chart.
📈 #Bitcoin$BTC Number of Addresses Holding 1+ Coins just reached an ATH of 851,921
Bitcoin Dips Below $27k, Hitting a Low of $26,890 and a Possible Short-term Double Bottom with May’s $26,700.
The number of Bitcoin holders with 1+ BTC hitting a new all-time high comes amid an ongoing pullback that has seen the King of Crypto hit a local low of $26,890 only moments ago. This, in turn, translates to the possible accumulation of Bitcoin during the ongoing bear market.
Further looking at the daily BTC/USDT below reveals that Bitcoin might have printed a doubled bottom with the $26,700 set in early May due to UST’s collapse and LUNA’s meltdown in the crypto markets.
Also, from the chart, it can be observed that the daily MFI and RSI are in oversold territory, hinting at a possibility of the $26,700 price level providing a significant support zone into the weekly close only hours away.
However, the daily MACD is about to cross the signal line in a bearish manner below the baseline, thus pointing at another possibility of additional losses into the new week.
Consequently, Bitcoin could follow two paths: a retest of the $30k resistance level or a drop to new lows between $26k and $25k.
Bitcoin’s Bottom Could be Found at the 200-Week MA Around $22k.
Zooming out and observing the weekly BTC/USDT chart, Bitcoin is clearly in a downtrend and looks set to eventually retest the 200-weekly moving average around the $22k price area. The 200-weekly MA has provided a solid support area during the previous bear market in 2018 and the Coronavirus crash of March 2020, as highlighted in the weekly chart below.
Also, from the chart, it can be observed that the weekly MFI, RSI, and MACD hint at gradual buying interest in Bitcoin on a macro level. Therefore, Bitcoin may be near a bottom that could occur sometime in Q3 or Q4 of this year.