Number of Non-Zero BTC addresses hit record high

In spite of the number of Non-Zero Addresses for bitcoin hitting an all-time high, the crypto’s price was 1.57 per cent lower

The blockchain tracking company glassnode alerts announced a recent on-chain landmark for Bitcoin (BTC) in a tweet this morning. As per the post, the number of Non-Zero Addresses for bitcoin recently hit an all-time high (ATH) of 46,227,591. This comes after the previous all-time high of 46,217,719 reached yesterday.

In spite of the number of Non-Zero Addresses for bitcoin hitting an all-time high, the crypto’s price was 1.57 per cent lower at one point, as per CoinMarketCap. Due to this, bitcoin was trading at just below $29K at $28,902.08. This negative price movement also turned the weekly performance of the largest crypto into the red at -1.43 per cent.

Bitcoin was trading between the 9-day and 20-day EMA lines at one point because of the result of the price decline over the last 24 hours. In case the 20-day EMA fail to provide bitcoin with the required support it could result in a price decline towards $27,750 during the next 24-48 hours.

The daily RSI indicator suggests that a downturn will continue during the next 2 days as the RSI line recently crossed below the daily RSI SMA line. On the other hand, bulls re-establishing themselves to bitcoin’s chart within the coming 24 hours will result in bitcoin’s price making one last move towards $30K before the release of the U.S. Core Inflation data.

Later during the week, U.S. Core Inflation data, together with Inflation Rate and Producer Price Index (PPI) data, will be released. This macroeconomic data may have an adverse effect on bitcoin’s price during the coming week if the consequences are not favourable, as investors will look to lessen their positions in risky asset classes.