- The variety of Bitcoin hodlers with 0.01+ BTC has hit a brand new all-time excessive of 9.512 million
- The brand new milestone comes as Bitcoin hits a neighborhood low of $34,322
- The pullback by Bitcoin is a results of Russia attacking Ukraine
- $32k to $30k is Bitcoin’s final zone of protection, a lack of which may open the doorways to extra losses
- A reversal by Bitcoin may be attainable within the short-term because the crypto markets are correlated to the Nasdaq
The variety of Bitcoin hodlers proudly owning 0.01 BTC or extra has hit a brand new all-time excessive of 9.512 million. This milestone was recognized and highlighted by the group at Glassnode by way of the next Tweet.
📈 #Bitcoin $BTC Variety of Addresses Holding 0.01+ Cash simply reached an ATH of 9,512,296
View metric:https://t.co/oyguxpaA2y pic.twitter.com/e1wBtbZ6Zt
— glassnode alerts (@glassnodealerts) February 24, 2022
Bitcoin Suffers a Pullback as a Results of Russia Attacking Ukraine
This new milestone of hodlers with 0.01 BTC or extra hitting a brand new all-time excessive, comes amidst a pullback by Bitcoin because of Russia invading Ukraine. On the time of writing, Bitcoin is buying and selling at $35,300 after a neighborhood low of $34,322 earlier right this moment.
A quick look on the each day BTC/USDT chart under reveals that Bitcoin is buying and selling under the 50-day transferring common (white), the 100-day transferring common (yellow), and the essential 200-day transferring common (inexperienced). It is a main bearish signal for Bitcoin because the world speculates on what is going to occur subsequent between Russia and Ukraine.
A Reversal By Bitcoin is Attainable
Additionally from the chart, it may be noticed that the $32k to $30k assist space is the final space of protection earlier than Bitcoin drops to the $28,800 assist final witnessed in June of final yr. Nevertheless, the each day MFI (inexperienced) and RSI (purple) are clearly in overbought territory thus signaling the potential of a reversal.
The potential for a reversal by Bitcoin was additionally explored by veteran BTC analyst @MagicPoopCannon who shared his insights through the next tweet.
Crypto is combined, however right here is the figuring out issue: The #Nasdaq has a bullish divergence on the each day! So, if the NQ can reverse to the upside off of this divergence, it is going to undoubtedly trigger a reversal rally in all of crypto. Keep watch over the #NQ! pic.twitter.com/ATznUPfT4J
— MAGIC (@MagicPoopCannon) February 24, 2022
In accordance with Magic, the crypto markets are extremely correlated to the Nasdaq which has a bullish divergence on the each day. If the Nasdaq can reverse to the upside, Bitcoin and the crypto markets may expertise a reversal rally.
A Time for Warning When Buying and selling Bitcoin and Cryptocurrencies
Because of the volatility within the conventional and crypto markets led to by the Russia/Ukraine scenario, merchants are reminded to proceed with warning when buying and selling on the varied futures markets. Using low leverage and cease losses is very inspired.