Decline in the Number of Non-Empty BTC Wallets, Possible Local Bottom

Since October 16, the number of non-empty Bitcoin wallets has decreased by approximately 30,000, reaching 59.95 million. This decline may suggest that Bitcoin is approaching a local bottom, although it should not be automatically interpreted as evidence of decreasing utility of the cryptocurrency. Frustration among smaller investors may lead to a withdrawal from holding BTC. Changes in market participants' behavior are often linked to their expectations; in the face of stagnation and price pressure, some investors may decide to sell. The outflow of less patient market participants could be a constructive signal rather than a mass capitulation. A key level for BTC is the $80,000 zone; maintaining it, along with a further decline in the number of wallets and an increase in the price to $82,500, could suggest the formation of a local bottom. A drop below $79,000 would weaken this scenario.

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