SNEAK PEEK

• The number of Bitcoin addresses holding 10 or more coins has increased by 7.1% since February 2022, indicating the continued growth of big holders in the market.
• Despite the increase in the number of addresses, the overall percentage of available Bitcoin held by these wallets has remained stagnant.
• Bitcoin’s price has stabilized in a narrow range after experiencing several bouts of volatility in Q1 2023.

The number of Bitcoin addresses holding 10 or more coins has increased by 7.1% since February 2022, with 10,279 new addresses joining the list of top holders. This represents a significant increase in the concentration of wealth among Bitcoin’s largest stakeholders, as these addresses hold a substantial portion of the cryptocurrency’s market capitalization.

Despite the stagnant percentage of bitcoin held by these wallets, the amount of bitcoin held by these top addresses is closing in on levels last seen in September 2019. This suggests that wealth concentration among Bitcoin’s top holders is on the rise, potentially leading to a greater influence on the cryptocurrency’s market dynamics.

Bitcoin has been trading within a narrow range after experiencing significant volatility in Q1 of 2023. The cryptocurrency’s price saw multiple bursts of volatility during the quarter, with sudden price movements ranging from sharp drops to rapid surges. However, in recent weeks, Bitcoin’s price has remained relatively stable, fluctuating within a narrow band.

As we enter Q2 of 2023, there is a growing interest in understanding the support and resistance levels that may impact Bitcoin’s price movements in the coming months. Also to gain insight into Bitcoin’s future price movements, analysts are closely monitoring various technical indicators, including the monthly Relative Strength Index (RSI). 

Additionally, analysts are also looking at other factors that may impact Bitcoin’s price, such as regulatory developments, adoption by institutional investors, and broader economic trends.

Bitcoin Price Analysis

The latest Bitcoin price analysis shows that the leading cryptocurrency is trading on bullish momentum, as the price has breached the $29,000 mark in today’s trading session. BTC opened today’s trading session at $28,051, and the bulls have managed to push the price to $29,159. However, a pullback occurred afterward, with the price dropping to $28,622, which is a gain of 2.30% compared to yesterday’s closing price.

The key support level for BTC/USD is currently at $28,000, which is acting as a cushion against further declines. The price is expected to remain above this level in the near term as buying pressure is still strong. On the upside, the resistance level is at $29,000, which will be tested if bulls continue to dominate the market.

Currently, Bitcoin’s dominance has also climbed higher, and it now stands at 46.10%, with the trading volume having increased significantly, reaching $23 billion. This marks an 18.26% increase compared to the previous day. The market cap is also on the rise, standing at $555 billion.

Technical indicators on the daily chart are providing a bullish bias as the MACD and RSI values are both in the positive zone. The Relative Strength Index is at 65.81, showing there is still room for a potential surge toward the overbought region. 

Moving Average Convergence Divergence (MACD) is also giving a buy signal, as the MACD line has crossed above the signal line. Moreover, the moving average (MA) is currently at 27,796 which indicates that the uptrend for BTC/USD is likely to remain in place.

Overall, the bulls have been successful in pushing the Bitcoin price higher and maintaining a tight grip on the market. The crypto asset is expected to continue its upward movement in the near term as long as buying pressure remains strong and key resistance levels are breached. Meanwhile, investors should keep an eye out for any potential pullbacks, as this may present a good buying opportunity.

Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/bitcoin-price-analysis-30-3/