Bitcoin
Will 1 million Bitcoin ‘wholecoiners’ plunge BTC below $60K?
The number of Bitcoin ‘wholecoiners’ rose rapidly, but this might cause trouble for the king coin.
- Bitcoin’s price increased by over 3% in the last 24 hours.
- Market indicators looked bullish on BTC.
Bitcoin’s [BTC] demand has been on the rise for the majority of the time since its inception. This was evident from the rise in the number of addresses holding 1 BTC.
However, since the coin has limited supply and the number of addresses holding 1 coin is increasing, BTC might soon face selling pressure.
Bitcoin investors are rising
On the 30th of June, IntoTheBlock revealed that the number of addresses holding 1 BTC had risen to the coveted 1 million mark.
The tweet also mentioned that institutional investors were increasing their pace of accumulating BTC. However, since BTC has a limited supply, the big players might as well choose to sell their holdings and earn a profit.
Therefore, AMBCrypto planned to take a look at BTC’s buying and selling pressure to gauge what’s going on in the minds of holders.
Per our look at CryptoQuant’s
data, BTC’s Fund Premium was red at press time, meaning that institutional investors were selling BTC. Its aSORP was also red, suggesting that more investors were selling at a profit.In the middle of a bull market, it can indicate a market top.
Nonetheless, buying sentiment around BTC was dominant, as its Exchange Netflow Total had declined, compared to the last seven-day average.
Things in the Futures market also looked pretty optimistic, as BTC’s Taker Buy Sell Ratio was green. This meant that buying sentiment was dominant in the derivatives market.
Source: CryptoQuant
What to expect from BTC?
AMBCrypto then analyzed Bitcoin’s daily chart to understand how the selling and buying pressure was affecting the coin’s price. We found that most of the market indicators looked pretty optimistic.
For instance, the MACD displayed the possibility of a bullish crossover. Its Relative Strength Index (RSI) registered an uptick and was headed towards the neutral mark of 50.
The Money Flow Index (MFI0) also moved upward. At press time, it had a value of 34, meaning that more money was flowing into BTC.
Read Bitcoin’s [BTC] Price Prediction 2024-25
On top of that, the Chaikin Money Flow (CMF) also followed a similar increasing trend. These indicators suggested that the chances of BTC’s price moving up were high.
At the time of writing, BTC was up by over 3% in the last 24 hours and was trading at $63,199.90.
Source: TradingView
