As bears continue to bite, Bitcoin (BTC), has been unable to gain a substantial advantage. Bitcoin hodlers don’t seem to be slowing down in their quest for more coins.
IntoTheBlock, a data analytic company explained:
“The number of Bitcoin hodllers has been growing in the bear market. Over 42M addresses are currently holding BTC, 4.5M more than a year ago.”
Hodling is a popular strategy in the Bitcoin market because coins can be stored for future use, and not just speculation. It also triggers a bullish picture due to the reduction in selling pressure.
Market insight provider Glassnode pointed out:
“Bitcoin has once again rejected below the psychological $20k region, plunging Short-Term Hodlers into severe, unrealized loss. However, Bitcoin hodlers remain steadfast, with old coin spending approaching a full cycle detox.”
Glassnode reported recently that although Bitcoin has been lacking significant upward momentum, it has not dampened hodlers’ spirits because coins older than 3 months have an ATH of 86.3%. Blockchain.News reported.
Bitcoin addresses that have at least 0.01 bitcoins are on the rise. Glassnode stated:
“Number of BTC addresses holding 0.01+ coins just reached an ATH of 10,746,906 Previous ATH of 10,746,518 was observed on 25 September 2022.”
Additionally, 101 addresses that had more than 10,000 BTC reached their highest monthly total.
Even though the Bitcoin market is not showing a bullish sign, it will be interesting to see how things pan out for the top crypto in the short-term.
“No bullish price structure for Bitcoin,” senior market analyst at Cubic Analytics Caleb Franzen pointed out.
According to CoinMarketCap, Bitcoin fell by 7.23% to $18,723 in intraday trading. CoinMarketCap.