How Bitcoin’s small addresses helped defy the bear market

The Glassnode chart vividly portrayed the upward trajectory of addresses holding less than one BTC, showcasing a remarkable growth trend. As of this writing, this number had surpassed 4.3 million, setting a record high.This address surge could be observed across various Bitcoin price points. It suggested that their expansion may persist regardless of market conditions.

Notably, the chart highlighted a significant increase of approximately one million addresses since January, where the count stood at around 4.2 million. This substantial rise further accentuates the prevailing accumulation trend.Analyzing the 30-day Market Value to Realized Value ratio unveiled an interesting insight into the ongoing accumulations. This metric, observed through Santiment, revealed that certain accumulations of Bitcoin might currently be undervalued.was undervalued at press time.

Thus, despite the accumulation trend, the market sentiment towards BTC’s value has been predominantly bearish. It also presented an intriguing dynamic for investors and enthusiasts to consider.exhibited a modest daily increase in value according to the daily timeframe chart. The price of BTC had risen by less than 1% and was hovering around $27,270.

Notably, this marked only the second instance of a value increase within the past seven days, as the cryptocurrency had experienced a decline on other days.The upward movement also brought BTC closer to surpassing the neutral line on the Relative Strength Index , indicating the potential for a bullish trend to emerge.

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