Bitcoin is trading above $58,000 after a slight gain but is still unable to rally to the landmark $60,000 level.
Meanwhile, the number of BTC addresses with a non-zero balance has hit an all-time high at 40 million in a show of unmoved belief in the cryptocurrency.
Bitcoin is trading just above $58,000 at press time after gaining 2.5 percent in the past 24 hours. BTC has been trading sideways in the past few days as the $60,000 resistance proves to be tough to crack. However, despite the slow momentum, BTC holders are showing belief now more than ever. New data shows that BTC wallet addresses with a non-zero balance are now at an all-time high, showing that the holders are more convinced than ever that BTC is gearing up for a massive breakout.
As of November 24, wallets with a non-zero balance stood at 39.4 million, the highest ever. Data from OKLink shows that this number has been going up consistently since 2019. The rise has been swift and has been despite the dips.
In January 2019, the price of Bitcoin was $4,000. However, the number of addresses with a non-zero balance was 22 million. It has gone up since then, even when Bitcoin dropped half its value in March last year. This number especially shot up around March this year, which was when BTC was approaching the then-all-time high at over $60,000.
What next for Bitcoin? Analysts have their say
Bitcoin is down 2.9 percent in the past week, having started off above $59,500. In that time, it has traded above this opening price on some very brief intervals as the chart below shows.
So, what’s next for Bitcoin?
Pankaj Balani, the CEO of Delta Exchange, believes that BTC will trade in a tight range for now, just as it has been in the past week. It’s unlikely to go below $53,000, however, he believes.
He told Forbes:
We feel that the market will stay rangebound in the short term. BTC has failed above 60K a few times and it will take some doing to break above that level, at the same time 53-54K, which is also 1TN market cap, will act as strong support.
Other analysts have pointed to the importance of the volume-weighted average pricing model. This model indicates the ‘right’ price for Bitcoin is around $53,000, which many believe will act as strong support for BTC in the short term.
As it happens, $53,000 is also the price that Bitcoin needs to stay above in order to maintain its market cap above $1 trillion.
Jake Wujastyk, a market analyst at trading software firm TrendSpider, commented:
I agree that anytime the dollar cost average price is tested, it can be an area for the price to bounce simply because the average participant is back to breakeven, drying up supply on the market.
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