Bitcoin Holders Owning 1+ BTC Hits a New ATH of 851,921 Despite a Retest of sub-$27k Levels

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Key takeaways:

The number of Bitcoin addresses holding one or more BTC has hit a new all-time high of 851,921.
The new milestone is despite Bitcoin’s bearish environment and a dip below $27k.
Short-term, Bitcoin could rebound to $30k.
However, a bottom might not be in, and further losses might be incoming for Bitcoin till it retests the 200-week moving average at around $22k.

The number of Bitcoin addresses owning one or more BTC has hit a new milestone. According to the data shared by the team at Glassnode, the number of such addresses has hit a new all-time high of 851,921. The Glassnode team shared their observation of Bitcoin investors through the following tweet and accompanying chart.

Bitcoin Dips Below $27k, Hitting a Low of $26,890 and a Possible Short-term Double Bottom with May’s $26,700.

The number of Bitcoin holders with 1+ BTC hitting a new all-time high comes amid an ongoing pullback that has seen the King of Crypto hit a local low of $26,890 only moments ago. This, in turn, translates to the possible accumulation of Bitcoin during the ongoing bear market.

Further looking at the daily BTC/USDT below reveals that Bitcoin might have printed a doubled bottom with the $26,700 set in early May due to UST’s collapse and LUNA’s meltdown in the crypto markets.

Bitcoin Holders Owning 1+ BTC Hits a New ATH of 851,921 Despite a Retest of sub-$27k Levels 17

Also, from the chart, it can be observed that the daily MFI and RSI are in oversold territory, hinting at a possibility of the $26,700 price level providing a significant support zone into the weekly close only hours away.

However, the daily MACD is about to cross the signal line in a bearish manner below the baseline, thus pointing at another possibility of additional losses into the new week.

Consequently, Bitcoin could follow two paths: a retest of the $30k resistance level or a drop to new lows between $26k and $25k.

Bitcoin’s Bottom Could be Found at the 200-Week MA Around $22k.

Zooming out and observing the weekly BTC/USDT chart, Bitcoin is clearly in a downtrend and looks set to eventually retest the 200-weekly moving average around the $22k price area. The 200-weekly MA has provided a solid support area during the previous bear market in 2018 and the Coronavirus crash of March 2020, as highlighted in the weekly chart below.

Bitcoin Holders Owning 1+ BTC Hits a New ATH of 851,921 Despite a Retest of sub-$27k Levels 18

Also, from the chart, it can be observed that the weekly MFI, RSI, and MACD hint at gradual buying interest in Bitcoin on a macro level. Therefore, Bitcoin may be near a bottom that could occur sometime in Q3 or Q4 of this year.

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