- Over the past week, new demand for BTC has increased
- However, there has been a decline in the last 12 hours
The number of Bitcoins [BTC] Accordingly, the number of non-zero wallets has increased despite the coin's recent price declines Santiments Data.
According to the on-chain data provider, 370,000 new wallets with at least one BTC were created in the last six days. The number of BTC holders now stands at 52.94 million, up 0.1% year-to-date.
Source: Santiment
At press time, BTC was trading at $67,734. Due to negativity in traditional markets and geopolitical uncertainty, the cryptocurrency fell on the charts, dragging the rest of the market with it. Accordingly, it has fallen by over 5% in the last 24 hours CoinMarketCaps Data.
Even more decline in the short term?
An assessment of the coin's performance on the daily chart suggested the possibility of another short-term price decline. The key indicators observed confirmed that bearish activity significantly exceeded bullish trends in the BTC market. If the cryptocurrency market depreciates even further, BTC could also see $65,000 at stake.
For example, the Aroon Down Line (blue) had a value of 92.86% at press time. An asset's Aroon indicator measures its trend strength and identifies potential reversal points in its price movement. When the Aroon Down line is close to 100, as in this case, it suggests that the downtrend is strong and the recent low was made relatively recently.
According to data from CoinMarketCap, BTC last traded in the area of around $67,000 a month ago.
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Confirming the bearish trend in the coin's market, the coin's MACD crossed its signal line during the intraday trading session on April 12.
When an asset's MACD line crosses its signal line in this way, it suggests that the short-term trend is becoming weaker compared to the longer-term trend. It is known to precede a downward trend in price. Traders often interpret this as a sign to think about selling their holdings or taking short positions.
As expected, due to the falling Bitcoin price, there was also a decline in overall demand for the coin. The same was underlined by the results of the Relative Strength Index and the Money Flow Index, with the latter all set to cross the midline at press time – a very bearish sign.
Source: TradingView
The values of these indicators showed that market participants currently prefer BTC distribution over accumulation. Therefore, it is still too early to say whether the cryptocurrency will see a sustained uptrend now, even as the halving approaches.
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