Bitcoin dipped on Monday after hitting a new record high in the previous session, pointing to a spike in profit-taking sentiment among daytraders.
The analogy was visible in the statistics shared by an independent analyst on Twitter. The pseudonymous entity noted an 11.5 percent a 12 percent decline in the number of newly-created and active Bitcoin addresses, respectively. On the other hand, wallets holding more than 1,000 Bitcoin units increased by 0.11 percent.
Big money is buying the dip whilst the market gets shaken out,” he added. “As always.”
Resilience Against Bitcoin Bears
The BTC/USD exchange rate surged to $49,700 on Sunday, its lifetime high, before plunging lower in the following sessions. Entering Monday, the pair established a session low near $45,850, only to retrace its move upward and reclaim $48,000.
In doing so, it showed resilience against bears primarily as they attempted to break the price below crucial support levels, such as the 20-day exponential moving average (green) and the 50-day simple moving average (blue).