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Bitcoin Address in Loss Smash ATH, Has the Bearish September Just Began?

1 Sep, 20222 min readBitcoin
Bitcoin Address in Loss Smash ATH, Has the Bearish September Just Began?

Bitcoin price was on the verge to close the monthly trade on a bearish note, however, the asset surged marginally above $20,000. Woefully, the asset is constantly hovering around $20,000, maintaining a constant descending trend. While the asset is believed to be under bearish captivity for a long, a notable upswing may be fast approaching.

As seen in the above chart, the BTC price is trading within a huge falling wedge and has approached the peak of the consolidation. Hence, the asset appears to be due for a notable breakout which may uplift the price close to $22,000 in the coming days. Moreover, the parallel consolidation in the recent past substantiates the claim.

Presently, the Bitcoin price is holding the lower boundaries at $19,900 firmly and if it further breaks $20,600, the bearish continuation may conclude. Else, a sweep of $19,500 may be imminent.

Bitcoin Address in Loss Smash the ATH

Regardless of the upcoming price action, the number of Bitcoin addresses in loss has reached an ATH of more than 17,500K.

#Bitcoin $BTC Number of Addresses in Loss (7d MA) just reached an ATH of 18,965,977.089Previous ATH of 18,963,191.560 was observed on 05 July 2022View metric: — glassnode alerts (@glassnodealerts) September 1, 2022

The total address in loss had bottomed and reached levels below 2500K at the beginning of 2022. However, the number of addresses spiked, which further intensified to hit the current levels at 18,965K surpassing the previous ones observed in the first few days of July.

Conversely, the number of addresses in profits has also bottomed hard and reached a month low of 23,760K. On the brighter side, the addresses holding 1+ coins just went above 900,000.

While the Bitcoin(BTC) price is swinging within an uncertain environment, the addresses in loss are adding up every new day. Therefore, if the star crypto fails to rebound, then more addresses may be in loss which may further impact the price rally.

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