Key Points
- Despite recent price pullbacks, Bitcoin’s non-zero wallets count has increased, with 370,000 new wallets created in the last six days.
- Bitcoin’s market shows a bearish trend with indicators suggesting a possible further price decrease in the short term.
Bitcoin’s [BTC] non-zero wallets count has seen a rise, even amidst the recent pullbacks in the cryptocurrency’s price. This data comes from Santiment, the on-chain data provider.
In the past six days, 370,000 new wallets holding at least one BTC have been created. The total number of BTC holders now stands at 52.94 million, marking a 0.1% increase since the start of the year.
Bitcoin’s Market Performance
At the time of the report, BTC was trading at $67,734. The cryptocurrency experienced a fall in its value due to negativity across traditional markets and geopolitical uncertainty. This decline also affected the rest of the market. BTC was down by over 5% in the last 24 hours, as per the data from CoinMarketCap.
An analysis of the coin’s daily chart suggests a potential further downside to its price in the short term. Key indicators confirm that bearish activity has significantly outpaced bullish trends in BTC’s market. If the crypto’s market depreciates further, the $65,000 mark could be on the horizon for BTC.
Indicators of a Bearish Trend
For instance, its Aroon Down Line (blue) had a reading of 92.86% at the time of the report. The Aroon indicator measures an asset’s trend strength and identifies potential reversal points in its price movement. A close to 100 reading on the Aroon Down line, as in this case, signifies a strong downtrend and indicates that the most recent low was reached relatively recently.
During the intraday trading session on 12th April, the coin’s MACD crossed below its signal line, confirming the bearish trend in the coin’s market. When an asset’s MACD line intersects its signal line in this manner, it signifies that the short-term trend is weakening relative to the longer-term trend, often preceding a price downtrend.
As Bitcoin’s price fell, there was a noticeable pullback in the general demand for the coin. The Relative Strength Index and the Money Flow Index findings underline this, with the latter set to cross the mid-line at the time of the report, a very bearish sign. The values of these indicators reveal that market participants are currently favoring BTC distribution over accumulation. Therefore, it’s too soon to predict whether the cryptocurrency will experience a sustained uptrend, even as the Halving approaches.
