In a remarkable financial trend this year, the number of Bitcoin millionaire wallets has witnessed a staggering 237% increase, now totaling over 81,000. This surge aligns with Bitcoin's recent market performance, where it crossed the $37,000 mark, sparking a frenetic rally. However, despite this uptick, Bitcoin's price trajectory shows signs of volatility and uncertainty about future growth.
The cryptocurrency, which remains the largest by market capitalization, saw its fortunes rise and fall within a matter of days. Glassnode, an on-chain market intelligence firm, reported that short-term holders (STH), or those who have held Bitcoin for less than 155 days, garnered over $1.8 billion in profit within 48 hours last week. Conversely, long-term holders (LTH) are in an accumulation phase, with Bitcoin's illiquid supply hitting a new historical low.
According to Glassnode, "The Bitcoin supply is historically tight, with an all-time-high in coins held by long-term investors and impressive rates of accumulation taking place. This dynamic demonstrates a growing tightness within the BTC supply, as existing holders become increasingly unwilling to part with their holdings."
Despite the optimistic trend for long-term holders, Bitcoin's price has seen mixed movements. After breaking multiple resistance levels, it faced rejection at the $35,000 level, leading to a period of consolidation. The Moving Averages Convergence Divergence (MACD) indicates increased market pressure, both buying and selling, suggesting a possible correction in the near future.
Market analysts are closely watching Bitcoin's ability to maintain or exceed the $37,033.37 resistance level. If successful, it could open the way to testing higher levels, potentially reaching the $40,000 mark by year-end. However, if bearish trends overpower, the price might drop to test the support level of $36,000 and even lower to $33,429.29.
As of now, Bitcoin trades at $36,998.35, with a 24-hour trading volume of $13,389,433,887. This marks a slight decrease over the last day but a 6.0% gain over the past week. With a total circulating supply of 19,541,093 BTC, its market cap stands at $722,869,229,852.
The rise in Bitcoin millionaire wallets signifies the crypto asset's enduring appeal and potential for wealth generation. However, the market's inherent volatility demands cautious optimism, with investors keenly observing the digital currency's fluctuating fortunes.
