Flow

Bitcoin

Million

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price increased by over 3% in the last 24 hours, with market indicators looking bullish.</li> 
 <li>The number of addresses holding 1 BTC has risen to 1 million, indicating potential selling pressure due to limited supply.</li> 
</ul>  
<p>Bitcoin’s price has seen a rise of over 3% in the past day. The market indicators for <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> are leaning towards a bullish trend.</p> 
<p>Since its creation, the demand for Bitcoin has been consistently high. This is evident from the increase in the number of addresses holding 1 BTC.</p> 
<h2 id="increasing-bitcoin-investors">Increasing Bitcoin Investors</h2> 
<p>However, with the limited supply of Bitcoin and the rising number of addresses holding 1 BTC, it might soon face selling pressure.</p> 
<p>According to IntoTheBlock, as of June 30, the number of addresses holding 1 BTC has hit the 1 million mark. The pace at which institutional investors are accumulating BTC is also increasing.</p> 
<p>But with the limited supply of Bitcoin, these big players may choose to sell their holdings and profit.</p> 
<h2 id="market-analysis">Market Analysis</h2> 
<p>An analysis of CryptoQuant’s data reveals that institutional investors are selling BTC, as indicated by the red Fund Premium. The aSORP is also red, suggesting that more investors are selling at a profit.</p> 
<p>Despite this, the buying sentiment around BTC is dominant, as indicated by the declining Exchange Netflow Total compared to the last seven-day average.</p> 
<p>The Futures market also looks optimistic, with the green Taker Buy Sell Ratio indicating a dominant buying sentiment in the derivatives market.</p> 
<p>A daily chart analysis of Bitcoin reveals that most market indicators are optimistic. The MACD shows the possibility of a bullish crossover, and the Relative Strength Index (RSI) is on the rise, heading towards the neutral mark of 50.</p> 
<p>The Money Flow Index (MFI0) is also moving upward, indicating more money flowing into BTC. The Chaikin Money Flow (CMF) is also on an increasing trend.</p> 
<p>These indicators suggest that the chances of Bitcoin’s price moving up are high. At the time of writing, Bitcoin was trading at $63,199.90, up by over 3% in the last 24 hours.</p>

Could Bitcoin Drop below $60k due to Million ‘Wholecoiners’ Actions?

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CoinEagle.com

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