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According to on-chain analytics portal Glassnode, the number of Bitcoin holders with a position size between 0.1 and 10 has beaten its historical values and reached new heights. Thus, the number of wallets holding more than 0.1 BTC has reached the 4.07 million mark, while the number of wallets with a balance of more than 1 but less than 10 BTC has reached 952,754.
In addition, well-known Bitcoin analyst Willy Woo has noted that the bottom of the main cryptocurrency market is close. Woo bases his statements on the Max Pain model, according to which the BTC price reaches the bottom of the cycle when 58%-61% of all tokens are underwater, i.e., bought at a loss.
Bitcoin (BTC) price action
At the moment, Bitcoin is trading — though you could say stopped trading — at $16,500. After falling as a result of the FTX crisis, BTC has once again become a weakly volatile asset, as it was for many weeks before this unfortunate event. Its dominance index also fell to 39.82%, which is a kind of bottom zone as well.
On the plus side, we can note that Bitcoin keeps this zone of $15,500-$16,500 and does not tend to fall lower, for example, to $12,000, where it is seen by many bearish participants of the crypto market. Maybe in the near future we will be able to see the BTC price reach at least $18,600, where strong price resistance begins.