BTC Addresses With 1+ Coins Has Reached an ATH: On-Chain Data

In an X post published earlier today, the on-chain tracking platform Glassnode Alerts revealed that the number of addresses holding 1+ Bitcoin (BTC) has reached an all-time high (ATH). According to the post, 1,022,655 addresses currently hold 1+ BTC. This was after the previous ATH of 1,022,629 was recorded on 22 September 2023.

📈 #Bitcoin $BTC Number of Addresses Holding 1+ Coins just reached an ATH of 1,022,655

Previous ATH of 1,022,629 was observed on 22 September 2023

View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/aFZOieYQnt

— glassnode alerts (@glassnodealerts) September 24, 2023

Meanwhile, the leading cryptocurrency achieved a slight 0.06% gain over the past 24 hours. Subsequently, CoinMarketCap indicated that BTC was trading hands at $26,569.14 at press time. This positive daily performance was also enough to flip the cryptocurrency’s weekly performance back into the green, taking it to +0.02% as a result.

Daily chart for BTC/USDT (Source: TradingView)

From a technical perspective, BTC was trading between the 9-day and 20-day EMA lines at press time. If it is able to break above the 9 EMA line at around $26,609.23 within the coming 48 hours, then it may attempt to flip the $26,915 resistance level into support. Thereafter, continued buy pressure may lead to the leading cryptocurrency’s price rising to $27,915 as well.

Conversely, a break below the 20-day EMA line, which was situated at $26,522.35, could lead to BTC retracing to the immediate support level at $26K. If this level fails to hold, then BTC’s price may continue to drop to $25,110 in the following couple of days.

Investors and traders will want to take note that a significant bearish technical flag was on the verge of being triggered on BTC’s daily chart. At press time, the daily RSI line was attempting to cross below the daily RSI SMA line. These 2 technical indicators crossing could suggest that sellers are gaining the upper hand against bulls. This may then lead to BTC’s price dropping.

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