According to the on-chain analysis portal Glassnode, the number of bitcoin holders with position sizes between 0.1 and 10 beat its historical values and reached new highs. Thus, the number of wallets holding more than 0.1 BTC reached the 4.07 million mark, while the number of wallets with a balance greater than 1 but less than 10 BTC reached 952,754.
📈 #Bitcoin $BTC Number of Addresses Holding 1+ Coins just reached an ATH of 952,754
View metric:https://t.co/s7tx1xy6oB pic.twitter.com/lx7pOjitaE
– glassnode alerts (@glassnodealerts) November 27, 2022
In addition, noted bitcoin analyst Willy Woo noted that the bottom of the main crypto-currency market is near. Willy Woo bases his statements on the Max Pain model, according to which the BTC price reaches the bottom of the cycle when 58% to 61% of all tokens are underwater, i.e. bought at a loss.
#Bitcoin Bottom is getting close under the Max Pain model.
Historically BTC price reaches macro cycle bottoms when 58%-61% of coins are underwater (orange).
Green shading adjusts for the coins locked up inside GBTC Trust. pic.twitter.com/haIcKlQ3M3
– Willy Woo (@woonomic) November 26, 2022
Bitcoin Price Action (BTC)
Right now, bitcoin is trading at $16,500. After falling following the FTX crisis, BTC has returned to being a low-volatility asset, as it was for many weeks prior to that crisis. Its dominance index has also fallen to 39.82%, which is a sort of lower zone.
On the positive side, we can note that Bitcoin is holding this $15,500-$16,500 area and does not tend to fall lower, for example, to $12,000, where it is seen by many bearish participants in the crypto market. Perhaps in the near future we will be able to see the price of BTC reach at least $18,600, where strong price resistance begins.
