The last month has been a relatively difficult time for Bitcoin (BTC) given its poor performance with each passing week. The king coin has been witnessing a weak price action and doesn’t indicate any chances of recovery anytime soon.
At press time, the token was trading at a red value of $35,816 with the Awesome Oscillator functioning below the zero line. The Relative Strength Index (RSI) further tried making its mark toward the neutral zone but only fell down to 36.24 at the time of writing.
Извор: ТрадингВиев
What is keeping BTC afloat?
По најновијем подаци from Glassnode, the number of active addresses in loss reached a two-year high of a little over $15 million as of 7 May. Subsequently, the number of active addresses in profit reached a three-month low of 26,723,028 as per additional подаци од Глассноде-а.
However, as per analyst Вилл Цлементе, the credit for sustaining the BTC above the $30,000 mark goes to long-time HODLers that are constantly investing in the token despite the losses. Furthermore, famed crypto opponent, Петер Сцхифф, gave credit to the efforts made by HODLers in keeping the token price afloat.
Rise of the HODLers?
As per data from Glassnode, the number of wallets with a balance of more than 0.01 Бтц 0.1 BTC, and 1 BTC witnessed a tiny spike and currently stands at approximately 9.9 million, 3.46 million, and 836K respectively.
However, the number of addresses with more than 1K BTC showed a decline, currently standing at 2.4K addresses. However, the number of addresses with more than 10K BTC witnessed a massive surge in the last five days. As of 3 May, the number of addresses with more than 10K BTC stood at 90, which spiked up to 95 as of 6 May.
Извор: Глассноде
Thus, an overall rise in the number of addresses holding on to the token can be taken as a positive sign. Furthermore, the aforementioned data depicts the efforts of HODLers to keep the token afloat and well above the $30,000 level.
Will HODLers revive the market?
As per Bitcoin analyst and crypto reporter Вилли Воо, Microstrategy fell by 14% and Coinbase fell by 12% due to the BTC token functioning being 9.1% down.
However, despite the ongoing bear run, investors and HODLers maintained a bullish sentiment. Bitcoin investor, Lark Davis, твеетед about the adoption of Bitcoin despite the ongoing price trajectory of the token. Furthermore, Layah Heilpern, crypto consultant, твеетед about buying the dip instead of wasting the opportunity.
With large organizations adopting the king token, the combined efforts of the HODLers, and the bullish sentiment of the market, it can be speculated that the BTC may rise in the future. But the question here is: How long can HODLers hold on in the face of further anticipated losses?
Source: https://ambcrypto.com/bitcoin-as-hodlers-continue-to-prop-up-btc-how-long-can-it-manage-to-stay-afloat/