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Home Crypto News Analysis Despite Strong $60k Resistance, Bitcoin Addresses With Non-Zero Balance Reached New All-Time...

Despite Strong $60k Resistance, Bitcoin Addresses With Non-Zero Balance Reached New All-Time High

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Over the past week, bitcoin has come under severe pressure and has faced strong resistance at $60,000. At the time of writing, bitcoin is still trading below $57000 with a market cap of $1,075 trillion.



Although bitcoin remains under pressure, its fundamental indicators on the chart indicate the presence of great strength and accumulation. According to data provided by Glassnode, the number of Bitcoin addresses with a non-zero balance has reached a new all-time high, 38.76 million addresses. The previous high of 38.7 million was set seven months ago on April 23 and it took 213 days to make a new all-time high.

btc non zero addresses reach new all time high

 

Santiment reports that despite tough trading pressure, the supply of bitcoin is moving out of exchanges, reducing the risk of a significant sell-off. In addition, the supply of USDT on the exchanges is increasing, showing strong buying is coming.

 

During the recent price correction, short-term bitcoin holders sold most of their holdings as short-term holders are the most sensitive to price actions.

Glassnoe writes:

“Short-term holders (STH) are most responsive to price action due to a combination of having a higher relative cost-basis, a higher time preference, and potentially a lower degree of conviction in the asset. This week’s price action was no exception, as STHs played a role in setting both the highs and the lows.”

On the other hand, bitcoin funding rates on Binance were in positive territory. According to Santiment, this usually results in a strong rebound.

 

All indicators indicate that the price of BTC is ready for the next rally. So, experts are hinting that now could be a good buying opportunity.

Readd More Glassnode Analysis:

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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