Addresses Holding More Than 0.01 Bitcoin Hit A New High

Key Points:

• Bitcoin is attracting the attention of retail investors, with the number of holders holding 0.01 BTC hitting a new high.
• Following confirmation of the $27,000 support level, a rally with a target of $30,000 is expected.
• Although the crypto market is currently bullish, there is still a possibility of rejection from this price range.

Over the past week, the aggressive activity of holders trying to pull the price back to the $30,000 region has been evident, with the index holding small amounts of Bitcoin.

On April 30, Glassnode data showed that the number of addresses holding more than 0.01 Bitcoins is 11,826,207, a record high.

Bitcoin has gotten $27,000 in support. This has sparked a rally with the goal of breaking past the important resistance level of $30,000. Despite the cryptocurrency’s overall bullish outlook, this price range could be rejected.

The release of the U.S. Personal Consumption Expenditures (PCE) Index data, which was expected to be the macro event of the week, failed to offer a performance catalyst since the statistics generally corresponded to what markets had previously priced in.

Bitcoin bulls must have been ecstatic earlier this week as BTC surged again over $30,000. Unfortunately, that good news was quickly forgotten as BTC faded and began to say goodbye to the level by approaching the lower end of $29,000 later in the week.

As a result, there is still nothing to be concerned about, except that the weekly chart shows a definite bearish trend with lower lows and lower highs, showing that bears are at work here.

The following week’s macroeconomic events, led by the Federal Reserve’s interest rate decision, are gaining prominence.

As things stand, Bitcoin’s recent price increase is feeble since the bullish sentiment does not seem to be strong enough to break through the next critical barrier zone. Only if Bitcoin can successfully defend its current price level of $29,000 can a long-term new surge be anticipated.

However, with on-chain data, we can still know that the attention from retail investors is increasing dramatically and this may be a prerequisite to pull the price FOMO for the coming time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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