Bitcoin Non-Zero Wallets Spike as BTC Snaps $43,000

Azeez Mustapha


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New on-chain metrics on Bitcoin (BTC) show that the network has recorded a positive feed after reports of non-zero wallets and wallets holding at least one BTC tapped new highs.

This positive development comes after whales and other large entities moved significant chunks of their holdings around amid the ongoing Russia-Ukraine war.

As the name suggests, non-zero BTC wallets are addresses containing at least a small fraction of BTC. A recent report from analytics platform Glassnode showed that such wallets have recorded a sharp rise in recent times and touched a new record high after crossing 40 million.

Glassnode illustrated that non-zero wallets, which is a good measure of retail investors’ behavior, recorded a sharp spike in late 2017 with the previous bull cycle and went into regress shortly after—as BTC entered the bearish cycle of 2018.

That said, these wallets increased again in 2018 before stalling around 35 million wallets for a little while. As of February 28, Glassnode reported that there are a total of 40,276,163 non-zero wallets.

As mentioned earlier, non-zero wallets are not the only address group that has recorded significant increases in recent times. Glassnode also revealed that wholecoiners (BTC wallets holding at least one Bitcoin) have rebounded from its recent slump and have hit a new 10-month high. As of February 28, there are over 800,000 such wallets.

Key Bitcoin Levels to Watch — March 1

Following a two-day consolidation under the $40,000 level last week, which resulted in a mild correction to the $37,500 base, BTC surged by a sharp 14.54% yesterday to snap the $41,000 – $31,000 pivot zone in style.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

The benchmark cryptocurrency now has both SMAs below it, indicating that a golden cross pattern could emerge if it sustains the newly acquired bullish tone in the coming days. As we know, a golden cross pattern is a significantly bullish technical sign for BTC and could help the flagship cryptocurrency reclaim the $50,000 psychological mark.

Meanwhile, my resistance levels are at $44,000, $45,000, and $46,000, and my key support levels are at $43,000, $42,000, and $41,000.

Total Market Capitalization: $1.92 trillion

Bitcoin Market Capitalization: $825.8 billion

Bitcoin Dominance: 43%

Market Rank: #1


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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