Bitcoin (BTC) retail traders and small wallet holders reduce their holdings amidst fear of a steeper correction in the largest cryptocurrency by market capitalization.
Bitcoin price remains rangebound under the $100,000 milestone on Thursday. On-chain data shows retail traders and small investors are likely capitulating out of fear. The count of total non-empty wallets on the Bitcoin blockchain has dropped to the lowest level since December 10. Imran Lakha of Options Insight believes Bitcoin ’s volatility could normalize after key events as traders adapt to range-bound conditions.
Technical analysis: Bitcoin trades less than 15% below the all-time high Bitcoin is hovering around the $96,000 level, less than 15% away from its all-time high of $109,588 reached on January 20. On the daily timeframe, Bitcoin could find support at the $93,572 level, which coincides with the 50-day Exponential Moving Average . On the upside, Bitcoin faces resistance at the upper boundary of the Fair Value Gap at $103,278, a key level above the $100,000 milestone.
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