Bitcoin Handover to Rich Wallets Underway as Price Declines: Analyst

Bitcoin Handover to Rich Wallets Underway as Price Declines: Analyst

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.”

Bitcoin addresses statistics as shared by xCeaser. Source: Twitter

Bitcoin addresses statistics as shared by xCeaser. Source: Twitter

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).

Bitcoin price reclaims $48,000 following a bearish rejection Monday. Source: BTCUSD on TradingView.com

Bitcoin price reclaims $48,000 following a bearish rejection Monday. Source: BTCUSD on TradingView.com

Read the full article at newsbtc.com

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