- 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.
— glassnode alerts (@glassnodealerts) February 24, 2022
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.
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.
Crypto is combined, however right here is the figuring out issue: The #Nasdaq has a bullish divergence on the each day! So, if the NQ can reverse to the upside off of this divergence, it’ll undoubtedly trigger a reversal rally in all of crypto. Control the #NQ! pic.twitter.com/ATznUPfT4J
— MAGIC (@MagicPoopCannon) February 24, 2022
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.