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Despite the drop, BTC addresses hit a record of almost 40 million

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The current moment is not the best for BTC, which is struggling to get back to the $40,000 level. Despite this, there have never been as many wallets containing BTC as there are today.

According to  IntoTheBlock, the number of BTC addresses set a record of almost 40 million this Monday.

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As mentioned earlier, BTC got off to a rough start in 2022. Since the 1st of this year, the price of the biggest cryptocurrency on the market has dropped by approximately 20%.

BTC up or down?

According to analyst Akash Girimath, BTC price dropped into the $36,398-$38,895 demand zone for the fourth time without producing higher rallies.

“This price action is indicative of a consolidation and is likely to hit lower levels. A daily candle close below $36,398 will invalidate the demand zone and bring BTC down to retest the weekly support level at $34,752, which is the last line of defense,” the analyst stated.

Girimath further said that a breakout of this barrier will pave the way for BTC price to drop to $30,000.

In that case, BTC could drop further to $29,100 to collect liquidity below 2021 lows.

In the worst case scenario, it would be a drop of almost 25% from the current price. It is worth noting that BTC is already 43% below the all-time high of around $69,000 reached in November 2021.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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