2 years ago
- The fig of Bitcoin hodlers with 0.01+ BTC has deed a caller all-time precocious of 9.512 million
- The caller milestone comes arsenic Bitcoin hits a section debased of $34,322
- The pullback by Bitcoin is simply a effect of Russia attacking Ukraine
- $32k to $30k is Bitcoin’s past portion of defense, a nonaccomplishment of which could unfastened the doors to much losses
- A reversal by Bitcoin mightiness beryllium imaginable successful the short-term arsenic the crypto markets are correlated to the Nasdaq
The fig of Bitcoin hodlers owning 0.01 BTC oregon much has deed a caller all-time precocious of 9.512 million. This milestone was identified and highlighted by the squad astatine Glassnode done the pursuing Tweet.
📈 #Bitcoin $BTC Number of Addresses Holding 0.01+ Coins conscionable 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 arsenic a Result of Russia Attacking Ukraine
This caller milestone of hodlers with 0.01 BTC oregon much hitting a caller all-time high, comes amidst a pullback by Bitcoin arsenic a effect of Russia invading Ukraine. At the clip of writing, Bitcoin is trading astatine $35,300 aft a section debased of $34,322 earlier today.
A little glimpse astatine the regular BTC/USDT illustration beneath reveals that Bitcoin is trading beneath the 50-day moving mean (white), the 100-day moving mean (yellow), and the important 200-day moving mean (green). This is simply a large bearish motion for Bitcoin arsenic the satellite speculates connected what volition hap adjacent betwixt Russia and Ukraine.
A Reversal By Bitcoin is Possible
Also from the chart, it tin beryllium observed that the $32k to $30k enactment area is the past country of defence earlier Bitcoin drops to the $28,800 enactment past witnessed successful July of past year. However, the regular MFI (green) and RSI (red) are intelligibly successful overbought territory frankincense signaling the anticipation of a reversal.
The imaginable for a reversal by Bitcoin was besides explored by seasoned BTC expert @MagicPoopCannon who shared his insights via the pursuing tweet.
Crypto is mixed, but present is the determining factor: The #Nasdaq has a bullish divergence connected the daily! So, if the NQ tin reverse to the upside disconnected of this divergence, it volition undoubtedly origin a reversal rally successful each of crypto. Keep an oculus connected the #NQ! pic.twitter.com/ATznUPfT4J
— MAGIC (@MagicPoopCannon) February 24, 2022
According to Magic, the crypto markets are highly correlated to the Nasdaq which has a bullish divergence connected the daily. If the Nasdaq tin reverse to the upside, Bitcoin and the crypto markets could acquisition a reversal rally.
A Time for Caution When Trading Bitcoin and Cryptocurrencies
Due to the volatility successful the accepted and crypto markets brought astir by the Russia/Ukraine situation, traders are reminded to proceed with caution erstwhile trading connected the assorted futures markets. The usage of debased leverage and halt losses is highly encouraged.
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