Bitcoin Holds Strong Amid Market Decline as Wholecoiner Numbers Hit Record Highs

Bitcoin is drawing attention as the broader market declines, particularly with meme coins experiencing significant drops. Despite facing heavy selling pressure, on-chain data reveals Bitcoin's underlying strength.

Wholecoiners Surpass 1 Million

While Bitcoin's price struggles, the number of wholecoiners—addresses holding at least 1 BTC—has reached record levels. Data from IntoTheBlock indicates that over 1 million unique addresses now hold more than one BTC.

This milestone highlights a growing number of individuals aiming for wholecoiner status, reflecting increased confidence and willingness to accumulate Bitcoin.

Current Market Conditions

At the time of writing, Bitcoin's price remains volatile, though the overall long-term trend is bullish. Factors influencing BTC include economic uncertainty and data from the United States. While the Federal Reserve is expected to cut interest rates this year, their more conservative reduction approach has been seen as bearish for Bitcoin.

Bitcoin's recent price decline has been exacerbated by the decision of Mt. Gox trustees to compensate victims sooner than expected and by the German and US governments selling off Bitcoin.

Market Dynamics and Future Prospects

An analyst notes that if Bitcoin's price continues to drop, leveraged bulls could face liquidation if prices fall below $60,000. Data from Coinglass shows significant liquidations of leveraged positions in recent days.

Despite the current sideways movement, Bitcoin's uptrend remains intact within a broad range, capped at $74,000 on the upper end and $56,000 on the lower end. For Bitcoin to break $74,000, an additional $265 billion would need to be injected into the market.