1 Bitcoin Close to A Million
While exchange balances continue to fall, the number of “wholecoiner” Bitcoin addresses reaches new highs. Despite the market turmoil, smaller wallet addresses in the Bitcoin BTC $16,496 ecosystem continue accumulating BTC.
The number of known Bitcoin blockchain addresses holding 1 BTC or more has reached an all-time high. According to Glassnode, a blockchain analytics company, the number of wallets holding at least one Bitcoin has reached 950,000.
Exchange balances have been trending downward since the beginning of the year, according to Glassnode data. In January, exchanger balances totaled approximately 2.8M, accounting for nearly 15% of the total supply of Bitcoin mined. In November, exchange balances fell to 2.3M Bitcoin or just under 11% of the total supply.
One of the richest Bitcoin supporters, billionaire Michael Saylor, concurs. Saylor recently gave Cointelegraph some advice about the bear market. He urged Bitcoin buyers to take a deep breath and keep their eyes on the prize.
Going back to triggers specific to cryptocurrencies, on-balance volume (OBV) is one of the indicators pointing to possible bullish times in the future.
Because of the BTC/USD weekly chart’s 20 weeks of bullish divergence, well-known trader Alan Tardigrade thinks it is time to pay attention.
A move to the upside would be consistent with Bitcoin’s performance following the March 2020 COVID-19 cross-market crash.
OBV is a cumulative indicator of buy and sell pressure. It keeps a total running volume over a specified period. In that it includes transactions other than ask and bid trades, it is comparable to cumulative volume delta.
For trader and technical analyst Mags, the future event to watch is a phenomenon that has never happened in the history of Bitcoin.
Mags noticed that the BTC/USD relative strength index (RSI) is currently printing a bullish divergence on the weekly chart, which has never been seen before, not even at previous bear market lows.