According to a Twitter post by the on-chain analytics firm Glassnode earlier today, the number of Bitcoin (BTC) addressed in loss (7d MA) reached a new 1-month high of 14,043,772.351. The post added that the previous 1-month high of 14,041,288.054 was recorded on July 31 of 2023.
📈 #Bitcoin $BTC Number of Addresses in Loss (7d MA) just reached a 1-month high of 14,043,772.351
Previous 1-month high of 14,041,288.054 was observed on 31 July 2023
View metric:https://t.co/s2ciFMlDcX pic.twitter.com/C17KiLfKGg
— glassnode alerts (@glassnodealerts) August 1, 2023
It is, however, also worth noting that Glassnode’s data further indicated that the number of BTC addresses holding 0.01+ coins has reached a new all-time high (ATH). The new ATH now stands at 12,221,783.
Additionally, the on-chain data analytics firm also indicated that the number of non-zero BTC addresses has reached a new ATH of 47,923,325. Meanwhile, BTC was one of the top 10 cryptocurrencies that saw its price drop over the past 24 hours of trading.
📈 #Bitcoin $BTC Number of Non-Zero Addresses just reached an ATH of 47,923,325
View metric:https://t.co/VtoChZbLsa pic.twitter.com/8Fwwj1yVvv
— glassnode alerts (@glassnodealerts) August 1, 2023
According to CoinMarketCap, the market leader was worth about $28,933.51 at press time after its price slipped by 1.49% over the past day. This meant that BTC was trading much closer to its daily low of $28,801.28 than its 24-hour high of $29,463.87.
Despite BTC’s latest hiccup, it was still able to strengthen against its competitor, Ethereum (ETH) by about 0.15%. However, BTC’s weekly performance was flipped into the red zone and stood at -0.76% following the 24-hour loss.
BTC was trading slightly above the key support level at $28,500 at press time. If it closes a daily candle below this price point, then it may be at risk of plummeting to $26,470 in the upcoming week. On the other hand, if it rebounds off of this support, then it may look to challenge the psychological $30K resistance in the next few days.
Should the bulls step in and give BTC the support needed during the potential $30K retest, then the market leader may end up flipping the resistance level into support. This could clear a path for it to climb to the next resistance level at $31,095 in the following 48 hours.
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