Bitcoin sheds about 108,700 non-empty wallets as price slips below $75,000
In brief
- Non-empty Bitcoin wallets peaked at 59.99 million on October 16, according to U.Today.
- About 108,700 wallets have since dropped off, leaving roughly 59.88 million, the outlet said.
- Exchange supply sits near 1.28 million BTC, per U.Today, which didn't name a data provider.
- BTC is down roughly 14% from its October top near $87,000, U.Today said.
What the wallet data shows
U.Today framed the decline as retail capitulation, saying smaller traders are merging or emptying their wallets. That's the outlet's reading of the numbers, not an established fact. It also said exchange supply is down to near 1.28 million BTC, again without saying where the figure came from.
The outlet attached a caveat of its own, and it matters. A shrinking wallet count doesn't automatically mean Bitcoin is being used less, according to U.Today.
How the price got here
According to U.Today's market analysis, BTC made a short recovery rally toward the $80,000–$81,000 range at the start of November.
It failed to hold that momentum.
The price dropped toward the $76,000 area and then back below $75,000, leaving BTC down roughly 14% from its October top near $87,000 and wiping out the gains it had made since late August, the outlet said. The technical picture U.Today described isn't a friendly one. BTC was trading below all major moving averages (most of them pointing downward), and the outlet put the Relative Strength Index (RSI) around 40.
The levels U.Today is watching
U.Today identified $74,000–$75,000 as the nearest support area, where it said buyers had already stepped in during the week. It called defending the $74,000 level the main test for the asset. On the upside, the outlet said a recovery toward $78,000–$80,000 (where several moving averages sit) would be the bulls' main priority.
There's one more wrinkle in U.Today's analysis. It said a falling wallet count while the price holds often signals seller exhaustion, which is a different read from the capitulation framing in its own headline. For now, the outlet's test comes down to whether buyers can defend $74,000.
Frequently asked questions
Does a falling Bitcoin wallet count mean people are using the network less?
Not necessarily. U.Today, which reported the drop of roughly 108,700 non-empty wallets, said a shrinking wallet count doesn't automatically mean Bitcoin is being used less. The outlet said smaller traders were merging or emptying wallets.
What price levels is U.Today watching for Bitcoin?
U.Today identified $74,000–$75,000 as the nearest support area and called defending $74,000 the main test for the asset. It said a recovery toward $78,000–$80,000, where several moving averages sit, would be the bulls' main priority.
