Bitcoin addresses in losses reached all-time highs among $ 18K BTC exchange rate targets

by · July 3, 2022

Bitcoin (BTC) curved into the weekly close on July 3 after weekend trading gave a short week below $ 18,800.

BTC / USD 1-hour light chart (bit stamp). Source: TradingView

Bollinger bands signal volatility due to

Data from Cointelegraph Markets Pro and TradingView followed BTC / USD as they stuck at $ 19,000 for the third day in a row.

The pair had eased volatility in general over the weekend, but at the time of writing were still on track for the first weekly close during the previous halving cycle’s all-time high since December 2020.

Last weekend’s action had given a late wave that rescued bulls from a vicinity below $ 20,000.

However, momentum remained weak through the following week’s Wall Street trading, and traders were not convinced of the potential for significant relief.

“Looking for a push down to the lower support zone of $ 18,000 while we are below $ 19,300. Fast scalp and tight invalidation,” popular Twitter account Crypto Tony wrote in an update to followers of the day.

“I can not really trust this move, because it is ‘weekend on’,” says colleague Ninja continued in part of a further post, adding that “if bulls can not push to $ 19.7k, I do not think the dump is over.”

Up or down, incoming volatility was sharply observed by commentators as the weekly close approached. Popular analyst Matthew Hyland noted that the Bollinger Bands indicator signaled that price conditions would soon become more erratic.

On a daily time frame, the BTC / USD traded close to the bottom Bollinger band, threatening a fall below as an expression of volatility similar to what happened in May.

BTC / USD 1-day light chart (bit stamp) with Bollinger Ribbon. Source: TradingView

Underwater addresses surpass the peak in March 2020

New data meanwhile showed how much pain the average hodler went through worst monthly loss since 2011.

Related: The Bitcoin indicator that reached all bottoms predicts 15.6K BTC price floor

According to the chain monitoring company Glassnode, the weekly moving average number of unique BTC addresses now reached a new all-time high of 18.8 million on 3 July.

As Cointelegraph previously reported, in previous capitulation events, 60% of the supply needed to see unrealized losses.

Bitcoin addresses in loss charts. Source: Glassnode

“Nearly $ 40 Billion in Bitcoin Net Realized Losses Since May 1,” On-Chain College summarized when June came to an end:

“Some have quit, some have stuck. One thing is for sure – if you’ve been in this area in the last year and you’re still here, you’ve been through quite a bit of volatility. “

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