Over 1M addresses hold 1 BTC as market eyes recovery
Bitcoin has recently encountered some difficulties, with the market's upward momentum stalling. Yet, this downturn has not deterred investors from maintaining their positions of at least one BTC.
This steadfastness among investors in holding onto 1 BTC is a strong indicator of their belief in the eventual uptick in the value of the premier digital currency.
Analysis from CoinMarketCap has highlighted a challenging period for Bitcoin enthusiasts, with the cryptocurrency's value seeing a decline of over 8% in the past month.
Moreover, the past week alone has observed a 4% dip in price. Currently, BTC stands at a trading value of $61,611.07, boasting a market cap surpassing $1.2 trillion.
Despite these recent setbacks in value, a positive outlook remains, as data from IntoTheBlock shows that over 85% of Bitcoin investors are still profiting. IntoTheBlock also shared an intriguing statistic via a recent tweet, noting that over 1 million addresses currently hold at least 1 BTC. This showcases a definitive long-term pattern as an increasing number of individuals strive to obtain at least one Bitcoin.
The patience of investors might be starting to yield results as Bitcoin's value has seen a slight increase in the last day. According to observations, BTC's aSORP dipped below the 1.0 mark on June 25th, often a precursor to a potential bullish surge.
The Relative Strength Index (RSI) of Bitcoin has reached an oversold state, potentially stimulating an increase in purchasing activity and consequently, a boost in price.
Other affirming indicators include a rise in active addresses and transaction volume over the last 24 hours.
Further analysis of Bitcoin's daily chart intentions to ascertain the potential onset of a bull market reveals encouraging signs. Bitcoin's rebound upon hitting the lower boundary of the Bollinger Bands often signals upcoming bull markets.
Additionally, the Moving Average Convergence Divergence (MACD) anticipates a bullish crossover in the near term. However, the CMF still exhibits bearish tendencies as it lingers below the neutral threshold.
