Crypto Industry News:

Bitcoin's on-chain data has been bearish recently. Now, however, the situation has changed. The number of non-zero wallets and those that hold at least one whole BTC have reached new heights.

As the name suggests, non-zero addresses are wallets that contain even the smallest fraction of bitcoin. According to Glassnode, the number of such addresses has started to grow recently and hit a new all-time record of over 40 million. But this time, not only non-zero addresses have increased. The analyst firm also reported that wholecoiners (entities with at least one full bitcoin) hit a 10-month high. As of today, there are over 800,000 such portfolios.

Technical Market Outlook

The BTC/USD pair has been rallying above the level of $40k and made a local high at the level of $44,207. The next target for bulls is seen at the level of $44,785 and at the swing high located at $45,826. The immediate technical support is seen at $41,531. The strong and positive momentum supports the short-term bullish outlook on BTC.

Weekly Pivot Points:

WR3 - $49,623

WR2 - $42,432

WR1 - $40,007

Weekly Pivot - $37,159

WS1 - $34,592

WS2 - $31,509

WS3 - $29,166

Trading Outlook:

The market is bouncing after over the 80% retracement made since the ATH at the level of $68,998 was made. The level of $44,442 is the next key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend.