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Bitcoin: A surge in BTC holders says this about its price action

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Despite Bitcoin’s price volatility, a surge in Bitcoin holders offers a compass for the next support level, indicating resilience and potential stability in the market.

Bitcoin: A surge in BTC holders says this about its price action

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  • Addresses holding one BTC have increased to an all-time high.
  • The total number of BTC holders has grown by over 300,000 since the start of July.

Fresh data revealed a fascinating trend: despite Bitcoin’s price fluctuations, the number of Bitcoin holdings has experienced a surge. Although the overall quantity of holdings might appear modest at first glance, it potentially serves as a compass indicating the probable location of Bitcoin’s next support level.


Read Bitcoin (BTC) Price Prediction 2023-24


One Bitcoin addresses increase

On 16 July, a noteworthy update from Glassnode Alerts revealed that the count of addresses holding a single Bitcoin had skyrocketed to an all-time high of 1,009,850. This remarkable milestone signaled a clear trend of accumulating Bitcoin across various price ranges, indicating that the accumulation process was persistent and impervious to price fluctuations.

Remarkably, the count had now surged even further, standing at an impressive 1,009,950 addresses as of this writing, marking yet another all-time high.

Number of addresses holding one Bitcoin

Source: Glassnode

Bitcoin holders increase

To truly grasp the impact of Bitcoin holders and their volumes, examining the overall number of holders was crucial. A Santiment chart illustrated this growth since January, highlighting a significant upward trajectory.

The number of holders has expanded by approximately 5 million since the start of the year, offering a comprehensive perspective. Even more striking was the recent surge, with an additional 300,000 holders joining the Bitcoin community from the beginning of July until now.

Total number of BTC holders

Source: Santiment

A broader look at the chart showed that the period between April and June witnessed a rapid acceleration in the number of holders. This surge occurred when the price range hovered around $27,000, creating an interesting correlation between price movement and holder growth.

Possible support level on a daily timeframe

As of this writing, Bitcoin was trading around $30,300 on a daily timeframe, demonstrating resilience in maintaining this price range. This was despite experiencing minor losses in the previous and ongoing trading sessions, both of which were below 1%. Since Bitcoin entered the $30,000 range around 21 June, it has managed to sustain this level despite occasional setbacks.

BTC/USD price trend

Source: TradingView


How much are 1,10,100 BTCs worth today


A noteworthy observation was that Bitcoin had been trending above its short Moving Average (yellow line), indicating a potential formation of a new support level. Interestingly, this yellow line has acted as a support range around the $28,000 and $27,000 price ranges.

It coincided with the period of increased accumulation based on the total number of holders metric provided by Santiment. Moreover, the current trend remained bullish, although no explicit uptrend was identified. 

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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