Bitcoin Holders Owning 1+ BTC Hits a New ATH of 851,921 Despite a Retest of sub-$27k Levels

Key takeaways:

• The variety of Bitcoin addresses holding a number of BTC has hit a brand new all-time excessive of 851,921.
• The brand new milestone is regardless of Bitcoin’s bearish setting and a dip beneath $27k.
• Brief-term, Bitcoin may rebound to $30k.
• Nevertheless, a backside won’t be in, and additional losses is likely to be incoming for Bitcoin until it retests the 200-week transferring common at round $22k.

The variety of Bitcoin addresses proudly owning a number of BTC has hit a brand new milestone. In response to the information shared by the staff at Glassnode, the variety of such addresses has hit a brand new all-time excessive of 851,921. The Glassnode staff shared their remark of Bitcoin traders via the next tweet and accompanying chart.

📈 #Bitcoin $BTC Variety of Addresses Holding 1+ Cash simply reached an ATH of 851,921

View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/jSoeMrwFTe

— glassnode alerts (@glassnodealerts) June 12, 2022

Bitcoin Dips Under $27k, Hitting a Low of $26,890 and a Doable Brief-term Double Backside with Could’s $26,700.

The variety of Bitcoin holders with 1+ BTC hitting a brand new all-time excessive comes amid an ongoing pullback that has seen the King of Crypto hit a neighborhood low of $26,890 solely moments in the past. This, in flip, interprets to the doable accumulation of Bitcoin through the ongoing bear market.

Additional trying on the day by day BTC/USDT beneath reveals that Bitcoin might need printed a doubled backside with the $26,700 set in early Could as a result of UST’s collapse and LUNA’s meltdown within the crypto markets.

Additionally, from the chart, it may be noticed that the day by day MFI and RSI are in oversold territory, hinting at a chance of the $26,700 worth stage offering a big help zone into the weekly shut solely hours away.

Nevertheless, the day by day MACD is about to cross the sign line in a bearish method beneath the baseline, thus pointing at one other chance of further losses into the brand new week.

Consequently, Bitcoin may observe two paths: a retest of the $30k resistance stage or a drop to new lows between $26k and $25k.

Bitcoin’s Backside Might be Discovered on the 200-Week MA Round $22k.

Zooming out and observing the weekly BTC/USDT chart, Bitcoin is clearly in a downtrend and appears set to ultimately retest the 200-weekly transferring common across the $22k worth space. The 200-weekly MA has supplied a stable help space through the earlier bear market in 2018 and the Coronavirus crash of March 2020, as highlighted within the weekly chart beneath.

Additionally, from the chart, it may be noticed that the weekly MFI, RSI, and MACD trace at gradual shopping for curiosity in Bitcoin on a macro stage. Due to this fact, Bitcoin could also be close to a backside that might happen someday in Q3 or This fall of this yr.