If Bitcoin is below $30K, there is a new indicator to watch instead.

At the time of writing, Bitcoin $29,379.94 After falling 2.58% in the last 24 hours, it is down 3.10% in the week. Those who take advantage of the opportunity to buy bearish markets while they can, will have to watch for a while as new milestones have recently been achieved.

high bitcoin

According to data from Glassnode, the number of addresses holding 1 BTC or more reached an all-time high of 845,340. As you can see, this trend is increasing until the next day after recovering from a decline near the beginning of 2022.

Why does this matter when Bitcoin itself is struggling to cross $30,000? Well, this all-time high is a healthy sign that Bitcoin adoption is on the rise and shows that investors in the crypto market are taking steps to top up their Kingcoin as much as possible. It also helps to spread the supply of coins.

Another indicator that is good for BTC is the fact that the last active supply hit a two-year high of close to 4 million BTC.

Again, this shows that more supply is at work, rather than industry participants letting Bitcoin collect dust.

On the other hand, according to data from Santiment, Bitcoin speed fell to its last recorded low at the end of April 2022. This again suggests that investors can HODL Bitcoins instead of transferring them between addresses or spending them on micros. – payment.

source: Santiment

However, there is another indicator to keep in mind. Bitcoin Age Consumed was declining at the time of reporting and has been declining since May 14th. This suggests that volatile investors are less likely to sell their bitcoins to exit the game. This, too, is a sign that Bitcoin adoption is on the rise.

That said, investors should wait and see how the recent drop below $30,000 affects more panicked traders.

Bitcoin BTC 16.08.51 24 May 2022

source: Santiment

Leave a Comment