- Crypto investor tweeted that there are one million wallets holding more than one BTC.
- The beginning of November saw an exponential rise in the number of wallets with one or more BTC.
- The 200-day MA and 50-day MA of BTC are approaching another intersection
Crypto Investor and Wealth Advisor, Lark Davis, tweeted that there were one million wallet addresses that were holding one or more Bitcoins. As per the infographics shared on the tweet, there was a constant rise in the wallet addresses holding more than one Bitcoin from June 2021 to March 2022.
The wallet addresses were fluctuating between 800k-820k within the above mentioned time frame. Moreover, towards the beginning of May 2022, the gradient of the number of wallets holding more than one Bitcoin increased exponentially.
Intriguingly, towards November 2022, when the price of Bitcoin dropped, as a result of the bear market and the crash of the FTX exchange, the number of wallet addresses holding more than one Bitcoin took a steep rise.
As of press time BTC is trading at $16,808.30 according to CoinMarketCap. Bitcoin is down 1.19% in the last 24 hours. As shown in the graph below, the Bollinger Bands are expanding which means that there is going to be more volatility in the upcoming days.
However, the price of BTC has touched the lower Bollinger Band and the market could correct the price in the near future.
Interestingly, the 50-day MA (red line) of BTC and 200-day MA (yellow line) of BTC has intersected twice within the last two weeks. And there seems to be yet another impending intersection on the horizon as 50-MA from above is approaching the 200-day MA which shows some momentum. If the two indicators mentioned above cross, then BTC could go bullish.
At press time, the 200-day MA is acting as the immediate resistance to BTC. If BTC gains enough momentum and breaks through its immediate resistance, eventually it will target hitting Resistance 1. However, Resistance 1 seems to be a little stifling target to hit as of the present.
Contrastingly if the bears take over the market then BTC will land on Support 1 and with more pressure from the bears, BTC could break Support 1 and delve into Support 2.
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