Losing bitcoin addresses reached an all-time high amid the $18,000 BTC price target

Losing bitcoin addresses reached an all-time high amid the $18,000 BTC price target
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Bitcoin (BTC) entered the weekly close on July 3 after weekend trading produced a brief wick below $18,800.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Bollinger bands indicate volatility

Information Cointelegraph Markets Pro and TradingView followed BTC/USD, holding tight to $19,000 for the third day.

The couple was gone light to change overall over the weekend, but was still on track for a lower first weekly close at the time of writing half-life All-time high since December 2020.

The previous weekend’s action led to a late surge saved the bulls from close under $20,000.

However, Momentum remained weak throughout the following week’s Wall Street trading, and traders did not believe the potential for a significant relief bounce.

“While we are below $19,300, we are looking for a drop to the lower support zone at $18,000. Quick scalp and intense insecurity,” said popular Twitter account Crypto Tony he wrote in an update for today’s viewers.

“I can’t really trust this move because it’s a ‘weekend,'” Ninja account mate continued adding in another post that “I don’t think the bullpen is over unless the bulls can rally to $19.7k.”

Upward or downward volatility was closely watched by commentators as the weekly close approached. Famous analyst Matthew Hyland noted that the Bollinger Bands indicator is a sign that price conditions will soon become more volatile.

On the daily time frames, BTC/USD traded below the Bollinger Bands, threatening to move lower as an indication of the volatility that occurred in May.

BTC/USD 1-day candlestick chart with Bollinger Bands (Bitstamp). Source: TradingView

Underwater addresses surpass March 2020 peak

Meanwhile, new data showed just how much pain the average hodler suffered afterward Worst monthly losses since 2011.

Related: The Bitcoin indicator that nails all bottoms predicts a BTC price low of $15,600

according to According to on-chain monitoring firm Glassnode, the weekly moving average number of unique BTC addresses currently in loss hit an all-time high of 18.8 million on July 3rd.

As Cointelegraph previously reported, 60% of the supply in previous capitulation events unrealized losses need to be seen.

Bitcoin addresses in the loss table. Source: Glassnode

On-Chain College analyst report “Bitcoin net loss of nearly $40 billion realized since May 1st” summarized As June ends:

“Some quit, some stuck. One thing’s for sure – if you’ve been in this space for the past year and you’re still here, you’ve been through quite a bit of volatility.

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