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- 1 With the recent market performance, Bitcoin addresses in loss made a new record.
- 2 Since last month, BTC price has shown a bearish market trend with over 3% price drop.
Bitcoin (BTC), the most traded cryptocurrency by market cap, showed mixed market reaction as per recent data. The data states that the new one-month high has been marked by the BTC addresses in the loss. Moreover, the count of addresses holding smaller balances of BTC marks a new high.
A recent update from a data intelligence platform states that the “number of Bitcoin (BTC) addresses in loss” has peaked at about 14 Billion. Reaching new heights has marked a “new one-month high.”
New Record of Bitcoin Number of Addresses in Loss
According to recent data sourced from Glassnode, a blockchain and cryptocurrency data intelligence platform, BTC’s “number of addresses in loss (seven-day moving average) just reached a one-month high of almost 14 Billion.”
📈 #Bitcoin $BTC Number of Addresses in Loss (7d MA) just reached a 1-month high of 14,043,772.351
— glassnode alerts (@glassnodealerts) August 1, 2023
Previous 1-month high of 14,041,288.054 was observed on 31 July 2023
View metric:https://t.co/s2ciFMlDcX pic.twitter.com/C17KiLfKGg
This analysis shows the data of those investors who purchased BTC at a high price but now are facing losses due to the recent bearish price performance. It must be noted that the losses due to this recent price performance are just “realized” and can become “real” only when BTC is sold.
Notably, a high number of addresses in loss might initially indicate bearishness. On the other hand, the addresses can further show potential price recovery as they might wait for prices to bounce back.
Bitcoin Price Performance in A Month
According to TradingView, a web-based social network for traders, in the recent month, BTC price dropped by 3.35%. At press time, BTC is trading at $29589.44 with a 24-hour trading volume of over $19 Billion. The coin is up 2.65% in the last 24 hours with a live market cap of $576.25 Billion.
As the above price chart shows, the RSI of BTC also made a declining graph. Earlier in July 2023, due to bullish market performance, the RSI of BTC reached near its overbought zone. Then, the market showed its volatility which drove the BTC price downward, and that it is struggling to follow an upside ride.
Additionally, the current price performance of BTC is indicating that its price is nearing its 20-day moving average with increased activity. On the other hand, the recent monthly analysis already showed how the bearish trend of BTC may continue if bears’ activity stays as it is.
However, the global crypto market cap showed a 1.54% increase while resting at $1.18 Trillion over the last day. The total crypto market volume is $39.49 Billion, showing over 25% increase. Moreover, the dominance of BTC is 48.63% with an increase of 0.33% over the day.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
