Crypto News

Number of Bitcoin “HODLers” Just Eclipsed 20 Million

Following this year’s block rewards reduction event in mid-May, the flagship cryptocurrency entered a consolidation period without providing any clear signs of where it is headed next. Since then, its price has mostly traded between the $8,900 support level and the $10,000 resistance.

Throughout this time, Bitcoin has failed to close below or above these price hurdles to help determine the trend’s direction. The lackluster price action also forced the Bollinger bands to squeeze on BTC’s 3-day chart. Squeezes are indicative of low volatility phases and are usually succeeded by wild price movements.

Bollinger Bands Forecast Incoming Volatility. (Source: TradingView)

While Bitcoin sits on the cusp of a major price movement, investors seem confident of its upside potential and continue holding strong to their tokens.

Bitcoin Holders Continue to “HODL”

In a recent blog post, Daniel Ferraro, Marketing Director at IntoTheBlock, affirmed that the number of Bitcoin “hodlers” on the network has been trending up for over the past twelve months. These are defined as addresses holding BTC for more than one year.

Even after the global financial turmoil caused by the ongoing pandemic, the steady increase in the number of BTC “hodlers” has been uninterrupted.

“The number [of Bitcoin ‘hodlers’] reached 20 million, or roughly two-thirds of all addresses with a balance. Similarly, approximately 60% of the circulating supply of Bitcoin is held by these addresses with an average time held of 4.7 years,” said Ferraro.

The Number of Bitcoin Hodlers Continues Surging. (Souce: IntoTheBlock)

Higher Highs on the Horizon

The high levels of demand for Bitcoin are also reflected in its 3-day chart despite the lackluster price action. Within this time frame, the TD sequential indicator is currently presenting a buy signal in the form of a red nine candlestick.

The bullish formation estimates a one to four candlesticks upswing or the beginning of a new upward countdown. Based on the price history of the last two months, the bellwether cryptocurrency might be preparing to surge towards the setup trendline that sits around the infamous $10,000 resistance level.

A further spike in the buying pressure behind BTC that allows it to break above this supply barrier would likely entice other market participants to pile in and propel its price to $11,500 or higher.

TD Setup Presents Buy Signal for Bitcoin. (Source: TradingView)

Still, investors should implement a robust risk management strategy since losing the $8,900 level as support would likely invalidate the bullish scenario presented by the TD setup. Under such circumstances, Bitcoin might test the $7,700 support level before resuming its historic uptrend.

Given the ambiguity that Bitcoin presents, a small dose of patience could help traders benefit from the next major price movement. Regardless of the volatility, the $8,900 support level and the $10,000 resistance are the most critical hurdles to watch out.

Featured by Shutterstock. 
Charts from

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Write a Comment

Related Crypto News

Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers...
Tracing Fishy Risks With Blockchain Tech Amid the COVID-19 Pandemic
The COVID-19 pandemic has highlighted challenges in global seafood supply chains, and blockchain tech may help improve them. COVID-19...
Chainlink Reaches New LINK Price All-Time High Eyeing $10 Next
The price of Chainlink has climbed to new heights as LINK continues to be one of the strongest cryptocurrency...
HaruBank Celebrates One Year of Operations, Showing Strong Growth
Bitcoin Press Release: Blockchain-based digital asset depository service HaruBank celebrates 1 year of giving users market-leading interest rates, with transacted volumes of over...
From Broke To Bitcoin: The Post-Pandemic Rags To Riches Story
The pandemic has brought about tough times on many. The economy is struggling, jobless claims are rocketing, yet thanks...
Sceptre Monitor Review – 27″ Curved Gaming Monitor (C275B-144RN)
Note: This review is in no way sponsored by Sceptre. I had no contact with the company and bought...

Featured Crypto News

Bitcoin Price Climbs to $11,200, But Three Factors Hint at a Pullback
The price of Bitcoin spikes to $11,200 but three key factors suggest that a short-term pullback is likely as...
Bitcoin Could Hit $12K on Ethereum-Tailing Behaviour: Analyst
Bitcoin is eyeing a breakout towards $12,000, according to crypto-chart analyst Josh Rager. The analogy appears out of Ethereum’s...
Unexpected Factor That Suppressed Bitcoin Bulls in 2019 Is Now Gone
If you’ve been involved in the Bitcoin market over the past year, you know of PlusToken. PlusToken was a...
Ether Rockets 50% in 5-Year Anniversary Month: What’s Behind the Rally?
As Ethereum turns five years old, Ether is up 50% over the past month with two main catalysts driving...
This Simple Bullish Pattern Suggest Ripple (XRP) Could Surge Above $0.25
Ripple is up over 2% and it is showing positive signs above the $0.2400 resistance zone against the US...
Will Ethereum Overtake Bitcoin as the World’s Leading Token?
Ever since it was first released to the public in January 2009, Bitcoin has been the leading player in...