Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M

  • The variety of Bitcoin hodlers with 0.01+ BTC has hit a brand new all-time excessive of 9.512 million
  • The brand new milestone comes as Bitcoin hits an area low of $34,322
  • The pullback by Bitcoin is a results of Russia attacking Ukraine
  • $32k to $30k is Bitcoin’s final zone of protection, a lack of which might open the doorways to extra losses
  • A reversal by Bitcoin is perhaps attainable within the short-term because the crypto markets are correlated to the Nasdaq

The variety of Bitcoin hodlers proudly owning 0.01 BTC or extra has hit a brand new all-time excessive of 9.512 million. This milestone was recognized and highlighted by the staff at Glassnode via the next Tweet.

Bitcoin Suffers a Pullback as a Results of Russia Attacking Ukraine

This new milestone of hodlers with 0.01 BTC or extra hitting a brand new all-time excessive, comes amidst a pullback by Bitcoin on account of Russia invading Ukraine. On the time of writing, Bitcoin is buying and selling at $35,300 after an area low of $34,322 earlier right this moment.

A short look on the each day BTC/USDT chart beneath reveals that Bitcoin is buying and selling beneath the 50-day transferring common (white), the 100-day transferring common (yellow), and the essential 200-day transferring common (inexperienced). It is a main bearish signal for Bitcoin because the world speculates on what is going to occur subsequent between Russia and Ukraine.

Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M 14

A Reversal By Bitcoin is Doable

Additionally from the chart, it may be noticed that the $32k to $30k help space is the final space of protection earlier than Bitcoin drops to the $28,800 help final witnessed in July of final 12 months. Nonetheless, the each day MFI (inexperienced) and RSI (pink) are clearly in overbought territory thus signaling the opportunity of a reversal.

The potential for a reversal by Bitcoin was additionally explored by veteran BTC analyst @MagicPoopCannon who shared his insights through the next tweet.

In response to Magic, the crypto markets are extremely correlated to the Nasdaq which has a bullish divergence on the each day. If the Nasdaq can reverse to the upside, Bitcoin and the crypto markets might expertise a reversal rally.

A Time for Warning When Buying and selling Bitcoin and Cryptocurrencies

As a result of volatility within the conventional and crypto markets caused by the Russia/Ukraine scenario, merchants are reminded to proceed with warning when buying and selling on the varied futures markets. The usage of low leverage and cease losses is extremely inspired.

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