Investor Interest in Bitcoin Is Growing! Is BTC Ready for a Rally?

• Yesterday, Bitcoin reached a milestone with 4,482,496 addresses holding 0.1 BTC or more, according to Glassnode, an on-chain analytics platform.
• In the last 24 hours, BTC experienced a slight price drop of 0.20%, bringing its trading value to $25,797. This price drop coincided with a significant increase in daily trading volume, exceeding 50%.
• If buyers step in to increase BTC’s price within the next 72 hours, the cryptocurrency could turn the $26,915 level into support.

As individual investors’ interest in Bitcoin increases, addresses holding at least 0.1 BTC are breaking records: Will the Bitcoin price take action to rise?

Growing Interest from Individual Investors

Yesterday, Bitcoin achieved a milestone by reaching 4,482,496 addresses holding 0.1 BTC or more, according to Glassnode, an on-chain analytics platform. This achievement reflects the increasing interest and participation in the cryptocurrency, showcasing the expanding community of BTC holders.

However, in the early hours of today, the number of addresses holding 0.1+ BTC set a new record, slightly surpassing the previous record with 4,482,538. Meanwhile, data showed a slight uptick in the market leader’s price as it entered the new week.

In the last 24 hours, BTC experienced a slight price drop of 0.20%, bringing its trading value to $25,797. This price drop coincided with a significant increase in daily trading volume, exceeding 50%, and at the time of writing, led to a trading volume of approximately $8,658,000,000. However, there is room for potential improvements in BTC’s performance over a longer timeframe.

BTC’s price has declined by 0.67% over the past seven days. Furthermore, the cryptocurrency has seen a drop of over 12% in the past month. BTC’s price has been in a consolidation phase for the last two weeks, trading within a neutral price channel between $24,695 and $26,915. However, BTC’s price movement over the next few days could determine whether the market leader will eventually break out of this sideways channel.

Critical Period Ahead

If buyers step in to increase BTC’s price within the next 72 hours, the cryptocurrency could turn the $26,915 level into support. Afterward, the leading cryptocurrency will likely have an open path to rise to the $30,000 level over the next two weeks.

On the other hand, a wave of selling pressure could spiral BTC’s price downward, potentially breaking below the $24,695 support level in the following week.

Traders and investors will be closely monitoring BTC’s daily RSI indicator in the next 24-48 hours, as a significant technical signal appears to be on the brink of triggering. If the RSI line drops below the RSI SMA line, it will indicate that sellers have the upper hand in BTC’s charts.