Bitcoin Holders Hit New Highs

It’s been revealed that the number of Bitcoin holders has just hit new highs. Check out the latest reports about this coming from the online publication Blockworkls below.

The number of individuals holding select amounts of bitcoin rose to new heights on Sunday as the broader traditional market continues to digest an easing of US Federal Reserve fund rates.

The same online publication we mentioned at the beginning of our article notes the fact that data from provider Glassnode shows the number of addresses holding more than one bitcoin (BTC) rose to an all-time high of 989,875, as the asset’s price hovers near $28,000.

“Buying pressure remains resilient despite fluctuations and recent market volatility. Of the total addresses currently holding bitcoin, 70% or roughly 31.96 million addresses are now in profit, IntoTheBlock data shows,” the notes reveal.

Investors probably remain skeptical regarding the safety of bank deposits as they seek out alternatives. At least, this sis what the Singapore-based crypto financial services firm Matrixport said in its latest report.

“This flight to quality…will likely continue, so we have to be careful that the US bank run might not have run its course,” it said.

An important trader believes that Bitcoin’s (BTC) current market structure looks similar to its price action in the second half of 2020. The time was long before the king crypto convincingly took out the $20,000 level.

Pseudonymous trader Cantering Clark said recently that Bitcoin looks bullish after managing to absorb the sell-off last Friday.

According to the analyst, BTC bulls have the upper hand as long as Bitcoin trades above support at $27,000.

“So we failed to break out of the inside day setup, and instead it looks like we accumulated a bit of panic selling below. Coin margined OI (open interest) is up, probably due to hedging, and some long stablecoin margined OI is down, part of the flush. I grabbed a long as long as yesterday’s lows hold.”