Bitcoin (BTC), the most traded cryptocurrency by market cap, has seen mixed market reactions, according to recent data. According to the data, the new one-month high was marked by BTC addresses in the loss. Additionally, the number of addresses with smaller BTC holdings marks a new high.
A recent update from a data intelligence platform states that the “number of Bitcoin (BTC) addresses lost” has peaked at around 14 billion. The hitting new highs marked a “new one-month high”.
New record for the number of lost Bitcoin addresses
According to recent data from Glassnode, a blockchain and cryptocurrency data intelligence platform, BTC’s “number of lost addresses (seven-day moving average)” just hit a one-month high of nearly 14 billion.
📈 #Bitcoin $BTC Number of Addresses in Loss (7d MA) just hit a 1-month high of 14,043,772.351
The previous 1-month high of 14,041,288.054 was seen on Jul 31, 2023
View metric: https://t.co/s2ciFMlDcX pic.twitter.com/C17KiLfKGg
— Glassnode Alerts (@glassnodealerts) August 1, 2023
This analysis shows the data of those investors who bought BTC at a high price but are now suffering losses due to the recent bearish price action. It should be noted that the losses due to this recent price action are merely “realized” and can only become “real” by selling BTC.
In particular, a high number of lost addresses could initially indicate a bear market. On the other hand, addresses may continue to show potential price recovery as they may be waiting for prices to recover.
Bitcoin price history in one month
According to TradingView, a web-based social network for traders, the price of BTC has fallen by 3.35% in the last month. At press time, BTC is trading at $29,589.44 with over $19 billion in 24-hour trading volume. The coin is up 2.65% in the last 24 hours and has a live market cap of $576.25 billion.
As the price chart above shows, BTC’s RSI is also bearish. In early July 2023, BTC’s RSI reached near its overbought zone on bullish market action. Then the market showed its volatility that drove the BTC price down and that it is having a hard time following an up move.
Additionally, BTC’s current price action suggests that the price is getting closer to its 20-day moving average as activity increases. On the other hand, the current monthly analysis has already indicated that if bearish activity stays as it has been, BTC’s bearish trend could continue.
However, in the last day, the global cryptocurrency market cap increased by 1.54% to stand at $1.18 trillion. The total crypto market volume is $39.49 billion, up over 25%. Additionally, BTC’s dominance is 48.63%, with a 0.33% surge on the day.
Disclaimer
The views and opinions of the author or those referred to in this article are for information only and do not constitute financial, investment or other advice. Investing in or trading in cryptocurrencies or stocks involves risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralization and understanding the true potential of blockchain.
Latest posts by Steve Andersson (See everything)
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.