Non-Zero BTC Addresses See Steep Climb amid $42K Emerging as Significant Support
Brian Njuguna Mar 23, 2022 22:35
More participants are joining the Bitcoin (BTC) ecosystem based on a sharp increase in non-zero addresses.
More participants are joining the Bitcoin (BTC) ecosystem based on a sharp increase in non-zero addresses.
Market insight provider On-Chain College explained:
“The number of addresses with a Bitcoin balance of at least 0.01 has been on a steep climb over the last month. There are now just under 9.7 million addresses.”
Source:Glassnode
Will Bitcoin hold $42,000?
Bitcoin (BTC) has been experiencing a steady leg up since it broke the psychological price of $40K after nosediving to lows of $34K following Russia’s invasion of Ukraine on Feb 24.
The leading cryptocurrency was up by 2.22% in the last 24 hours to hit $43,091 during intraday trading, according to CoinMarketcap.
Having breached the $42,000 level, this area is acting as significant support based on the notable number of Bitcoins bought.
Market analyst Ali Martinez stated:
“IntoTheBlock's IOMAP reveals that 1.57M addresses had previously purchased nearly 760K BTC between $40.9K and $42.1K.”
Crypto analyst Allen Au shared similar sentiments and said:
“BTC breached $42K & turned that into support. Momentum is on the upside as all technical indicators are strong & 21D EMA crossed above 34D EMA. The next resistance is $45K (200D EMA).”
Source:TradingView
Nevertheless, it seems Bitcoin’s critical barrier stands at $46,000. On-chain analyst Matthew Hyland acknowledged:
“The only real move will be when Bitcoin breaks $46k or falls below $33k.”
Source:TradingView
Martinez also opined that a daily close above the $42K area would be instrumental in prompting a march towards the next significant resistance at $46,500.
Earlier this month, Bitcoin addresses with a balance reached a new milestone, hitting nearly 40 million, Blockchain.News reported.
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