BTC Holder Count Renew All-Time High as Pain Has Already Peaked
According to on-chain analysis portal glass knot, the number of Bitcoin holders with a position size between 0.1 and 10 broke its historical values and reached new highs. Thus, the number of wallets holding more than 0.1 BTC reached the 4.07 million mark, while the number of wallets with a balance greater than 1 but less than 10 BTC reached 952,754.
View metric: https://t.co/s7tx1xy6oB pic.twitter.com/lx7pOjitaE
— glassnode alerts (@glassnodealerts) November 27, 2022
Moreover, renowned Bitcoin analyst Willy Woo noted that the bottom of the main cryptocurrency market is near. Woo bases his statements on the Max Pain model, whereby the BTC price reaches the bottom of the cycle when 58% to 61% of all tokens are underwater, i.e. bought at a loss.
Bitcoin (BTC) price
At the moment, Bitcoin is trading – although you can tell it has stopped trading – at $16,500. After plummeting following the FTX crisis, BTC has once again become a low-volatility asset, as it was for many weeks prior to this unfortunate event. His Dominance Index also dropped to 39.82%, which is also kind of a lower zone.
On the positive side, it can be noted that Bitcoin keeps this zone from $15,500 to $16,500 and does not tend to go lower, for example, to $12,000, where it is seen by many bearish market participants. of cryptography. Perhaps in the near future, we can see the price of BTC reach at least $18,600, where strong price resistance begins.