Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M

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Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M 8

  • The number of Bitcoin hodlers with 0.01+ BTC has hit a new all-time high of 9.512 million
  • The new milestone comes as Bitcoin hits a local low of $34,322
  • The pullback by Bitcoin is a result of Russia attacking Ukraine
  • $32k to $30k is Bitcoin’s last zone of defense, a loss of which could open the doors to more losses
  • A reversal by Bitcoin might be possible in the short-term as the crypto markets are correlated to the Nasdaq

The number of Bitcoin hodlers owning 0.01 BTC or more has hit a new all-time high of 9.512 million. This milestone was identified and highlighted by the team at Glassnode through the following Tweet.

Bitcoin Suffers a Pullback as a Result of Russia Attacking Ukraine

This new milestone of hodlers with 0.01 BTC or more hitting a new all-time high, comes amidst a pullback by Bitcoin as a result of Russia invading Ukraine. At the time of writing, Bitcoin is trading at $35,300 after a local low of $34,322 earlier today.

A brief glance at the daily BTC/USDT chart below reveals that Bitcoin is trading below the 50-day moving average (white), the 100-day moving average (yellow), and the crucial 200-day moving average (green). This is a major bearish sign for Bitcoin as the world speculates on what will happen next between Russia and Ukraine.

Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M 6Bitcoin Hodlers with 0.01+ BTC hits a New ATH of 9.512M 7

A Reversal By Bitcoin is Possible

Also from the chart, it can be observed that the $32k to $30k support area is the last area of defense before Bitcoin drops to the $28,800 support last witnessed in June of last year. However, the daily MFI (green) and RSI (red) are clearly in overbought territory thus signaling the possibility of a reversal.

The potential for a reversal by Bitcoin was also explored by veteran BTC analyst @MagicPoopCannon who shared his insights via the following tweet.

According to Magic, the crypto markets are highly correlated to the Nasdaq which has a bullish divergence on the daily. If the Nasdaq can reverse to the upside, Bitcoin and the crypto markets could experience a reversal rally.

A Time for Caution When Trading Bitcoin and Cryptocurrencies

Due to the volatility in the traditional and crypto markets brought about by the Russia/Ukraine situation, traders are reminded to proceed with caution when trading on the various futures markets. The use of low leverage and stop losses is highly encouraged.