{"id":370087,"date":"2022-07-03T23:08:23","date_gmt":"2022-07-03T17:38:23","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/losing-bitcoin-addresses-hit-all-time-high-amid-crash-to-18000\/"},"modified":"2022-07-03T23:08:23","modified_gmt":"2022-07-03T17:38:23","slug":"losing-bitcoin-addresses-hit-all-time-high-amid-crash-to-18000","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/losing-bitcoin-addresses-hit-all-time-high-amid-crash-to-18000\/","title":{"rendered":"Losing Bitcoin Addresses Hit All-Time High Amid Crash to $18,000"},"content":{"rendered":"
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Bitcoin (BTC) hit the weekly close on July 3 after weekend trading produced a brief wick below $18,800.<\/p>\n

BTC\/USD 1-hour candlestick chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bollinger bands signal more volatility ahead<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView tracked the BTC\/USD pair as it stuck stiffly at $19,000 for the third day in a row.<\/p>\n

The pair had been lacking in volatility overall over the weekend, but at time of writing it was still on track for the first weekly close below its previous halving cycle all-time high since December 2020.<\/p>\n

The action of the previous weekend had produced a late rally that saved the bulls from a close below $20,000.<\/p>\n

However, momentum remained weak over the following week on Wall Street, with traders unconvinced of the possibility of a significant rebound.<\/p>\n

\u201cLooking for a push towards lower support zone at $18,000 while below $19,300. Fast scalping and tight invalidation,\u201d wrote<\/a> the popular Crypto Tony Twitter account in an update to followers of the day.<\/p>\n

“I really can’t trust this move because it’s ‘pa weekend,'” fellow account Ninja continued on part of another post<\/a>adding that \u201cif the bulls cannot push to $19,700, I don’t think the decline is over.\u201d<\/p>\n

Whether higher or lower, the volatility to come was being watched closely by commentators as the weekly close approached. Popular analyst Matthew Hyland noted that the Bollinger Bands indicator was signaling that price conditions would soon become more erratic.<\/p>\n

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#bitcoin<\/a> Bollinger Bands tightening on the daily time frame as displayed on the width indicator: pic.twitter.com\/c0bqmMfdSi<\/a><\/p>\n

\u2014 Matthew Hyland (@MatthewHyland_) July 3, 2022<\/a>\n<\/p><\/blockquote>\n

On daily timeframes, the BTC\/USD pair traded near the lower Bollinger Band, threatening a drop below as an expression of May-like volatility.<\/p>\n

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BTC\/USD 1-day candlestick chart with Bollinger Bands (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Losing addresses exceed March 2020 high<\/h2>\n

Meanwhile, new data showed the pain the average hodler was experiencing after the worst monthly losses since 2011.<\/p>\n

According to the on-chain monitoring company glass node<\/a>the weekly moving average of the number of unique BTC addresses that are in losses hit a new all-time high of 18.8 million on July 3.<\/p>\n

As Cointelegraph previously reported, in previous capitulation events, 60% of supply needed to see unrealized losses.<\/p>\n

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Chart of losing Bitcoin addresses. Source: Glassnode<\/em><\/figcaption><\/figure>\n

\u201cNearly $40 Billion in Net Losses Made in Bitcoin Since May 1,\u201d summarized<\/a> the On-Chain College analysis account at the end of June.<\/p>\n

“Some have sold, some have stayed. One thing is for sure: If you’ve been in this space for the last year and you’re still here, you’ve been through a lot of volatility.”<\/p><\/blockquote>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.<\/em><\/p>\n<\/div>\n

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.<\/p>\n<\/div>\n