Addresses owning at least 0.1 BTC surge to a 4-month high…what does that mean?
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Answer Addresses owning at least 0.1 BTC surge to a 4-month high…what does that mean?
The cryptocurrency industry has witnessed a number of turmoil in the past few months, most notably what is happening in the month of September of large fluctuations in prices, the latest of which happened after the recent Chinese decision and the resulting impact.
Bitcoin has been at the forefront of each of these fundamental turbulences, notably pushing the cryptocurrency’s price to its lowest level in the past 30 days at $39,787.61.
Many retail investors have benefited significantly from lower prices and buying bottoms.
This claim to buy bottoms is supported with data From Glassnode, which reported that addresses owning at least 0.1 Bitcoin (equivalent to about $4,261.43) rose to a 4-month high of 3,246,533.Read:The European Union Clarifies It Will Not Ban Bitcoin And Other Mining-Based Cryptocurrencies
In other words, the recent drop has prompted more people to accumulate and accumulate bitcoin, some for the first time, and some to increase their investment amount.
Many optimists often anticipate that periods of decline are an opportunity to consolidate and buy bottoms considering that Bitcoin is bullish in the long term.
As many have already started to adopt cryptocurrencies with unique fundamentals, correction periods are often seen as an opportunity to buy and take profits.
Are retail investors the basis for price recovery?
Bitcoin price is starting to see some slight recovery as it trades halfway from $4,0936.56, the lowest point to the $43839.75 high reached in the last 24 hours.
For a stable or sustainable uptrend, bitcoin will need strong buying momentum beyond the amplitude of the retail holders currently.
Bitcoin is currently trading at $43226.90.
Bitcoin will need to trade consistently above the $45,000 resistance, before it can reclaim the 7-day high at $48328.37.
Bitcoin and the broader cryptocurrency industry are known to be enduring and recovering from the impact of all forms of fear, uncertainty and doubt that have been spread by threats of Chinese repression year after year in the past years.Read:FTX CEO Denies Huobi Acquisition Rumors…Details Here
And this current repression will not be an exception in the medium to long term.
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