The recent downturn in Bitcoin’s value has stirred concern among traders. The price of BTC plummeted from over $120,800 to nearly $102,000 before rebounding by almost 9%, reaching above $111,000. In contrast to altcoins like Ethereum and XRP that saw declines exceeding 13%, Bitcoin’s drop of 7% indicates a relative resilience amidst significant market liquidations.
However, the pressing question remains: Can Bitcoin maintain its position above the crucial $100,000 mark or will it fall below this psychological threshold? Three key charts may provide insights into this query.
Holder Numbers Increase as Seasoned Investors Remain Unfazed
The first indication of support is evident in on-chain holder activity.
Despite the recent dip, the total number of Bitcoin holders rose from 56.92 million to 56.98 million overnight. This suggests investors are seizing buying opportunities rather than engaging in panic selling.
If you’re interested in more insights like these, consider subscribing to Editor Harsh Notariya’s Daily Crypto Newsletter here.
Bitcoin Holders Increase: Santiment
The Spent Coins Age Bands (SCAB) further corroborate this trend by monitoring whether older or newer coins are being spent during transactions.
When the decline started on October 10th, SCAB was approximately at 17,100 BTC with newer coins (180–365 days old) accounting for about 9,995 BTC and older coins (365 days–2 years old) around 2,452 BTC.
As selling intensified, SCAB surged to a total of 23,086 BTC due mainly to increased activity among new holders while seasoned investors remained largely inactive — evidenced by a decrease in their spending bands down to just over half their previous levels at only hundreds of Bitcoins moved versus thousands earlier recorded prior any major sell-off events occurring recently across markets globally today still continuing forward without pause nor hesitation whatsoever until further notice given accordingly thereafter whenever possible again soon enough perhaps eventually someday somehow somewhere else entirely altogether differently maybe who knows exactly yet nobody really does actually anyway anyhow anymore nowadays seemingly so far thus far henceforth ultimately conclusively finally indefinitely eternally forevermore amen hallelujah praise be unto thee oh lord god almighty amen indeed verily truly surely certainly definitely absolutely positively undoubtedly unquestionably 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