Can Bitcoin’s 370K new wallets save BTC’s price from falling to $65,000?

Ahead of the next halving event, Bitcoin has seen a spike in its number of addresses holding at least one coin.According to the on-chain data provider, 370,000 new wallets holding at least one BTC have been created in the last six days. The number of BTC holders now totals 52.94 million, growing by 0.1% since the beginning of the year.At press time, BTC was trading at $67,734.

For example, its Aroon Down Line had a reading of 92.86% at press time. An asset’s Aroon indicator measures its trend strength and identifies potential reversal points in its price movement. When the Aroon Down line is close to 100, as in this case, it indicates that the downtrend is strong and that the most recent low was reached relatively recently.Bitcoin Profit Calculator

Confirming the bearish trend in the coin’s market, during the intraday trading session on 12th April, the coin’s MACD crossed below its signal line. When an asset’s MACD line intersects its signal line this way, it indicates that the short-term trend is weakening relative to the longer-term trend. It has been known to precede a downtrend in price. Traders often interpret it as a sign to consider selling their holdings or taking short positions.

As expected, with Bitcoin’s price falling as it did, there has been a pullback in general demand for the coin too. The same was underlined by the findings of the Relative Strength Index and the Money Flow Index, with the latter all set to cross the mid-line at press time – A very bearish sign.The values of these indicators revealed that market participants are favoring BTC distribution over accumulation right now.

Source: Digital Coin News (digitalcoinnews.net)

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