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 chart above, BTC price is trading within a major decline and has reached a consolidation peak. Therefore, the asset appears to be headed for a notable breakout that could propel the price closer to $22,000 in the coming days. Furthermore, the parallel consolidation in the recent past corroborates 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.
Destroy bitcoin address ATH at a loss
Despite the ensuing price action, the number of bitcoin addresses in losses has reached an ATH of over 17,500K.
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.
In contrast, the number of addresses in Profits have also come down hard and hit a one-month low of 23,760K. on the bright side, 1+ coin holding addresses Just went over 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.
