- Addresses with one BTC have risen to an all-time high.
- The total number of BTC holders has grown by more than 300,000 since the beginning of July.
New data revealed a fascinating trend: Despite Bitcoin’s price swings, the number of Bitcoin holdings has skyrocketed. While the total amount of holdings may seem modest at first glance, it may serve as a compass indicating the likely location of Bitcoin’s next level of support.
Read Bitcoin (BTC) Price Prediction 2023-24
One Bitcoin addresses are on the rise
On July 16 a remarkable update of Glassnode Alerts revealed that the number 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 Bitcoin accumulation across price ranges, indicating that the accumulation process was ongoing and insensitive to price fluctuations.
Remarkably, the number had now risen even further and at the time of writing stood at an impressive 1,009,950 addresses, which is another new record.
Source: Glassnode
Bitcoin holders are on the rise
To really understand the impact of Bitcoin holders and their volumes, it was critical to examine the total number of holders. A Santiment chart illustrated this growth since January, highlighting a significant upward trajectory.
The number of holders has increased by approximately 5 million since the beginning 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 early July to date.
Source: Sentiment
A broader look at the chart showed that the period between April and June showed a rapid acceleration in the number of holders. This increase occurred as the price range hovered around $27,000, creating an interesting correlation between price movement and holder growth.
Possible support level on a daily time frame
At the time of writing, Bitcoin was trading around $30,300 daily, showing resilience in maintaining this price range. This is despite minor losses in previous and current trading sessions, both of which were below 1%. Since entering the $30,000 range around June 21, Bitcoin has managed to hold this level despite occasional setbacks.
Source: TradingView
How much are 1,10,100 BTC worth today
One notable observation was that Bitcoin was trending above its short moving average (yellow line), indicating a possible formation of a new support level. Interestingly, this yellow line 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 provided by Santiment. In addition, the current trend remained bullish, although no explicit upward trend was identified.
