Bitcoin's Wallet Surge Fuels Bullish Pressure Near $116K Resistance

Bitcoin Presses Resistance as Price Hovers Near $116K; Technical Indicators Suggest Potential for Continued Uptrend

Bitcoin (BTC) has shown notable strength in recent trading sessions, with price action pressing against key resistance levels near the $116,000 mark. Technical indicators suggest that a sustained move above this threshold could signal further bullish momentum in the near term. Analysts are closely monitoring the behavior of the price around this level, as a successful break could reinforce the asset’s position in a growing upward trend.

According to recent on-chain data, the number of unique Bitcoin wallets continues to rise, indicating growing adoption among both retail and institutional investors. While it is difficult to determine the exact number of individual BTC holders, especially in jurisdictions like China, reports suggest that global cryptocurrency ownership has expanded significantly. For instance, the Triple-A Global Cryptocurrency Ownership Report 2024 estimates that global digital currency users reached 562 million by year-end, up 34% from 2023. This growth reflects increasing interest in digital assets across multiple regions, though exact geographic distribution remains less clear.

The average holding size provides further insight into the current structure of Bitcoin’s ownership. Over 55 million addresses on the Bitcoin blockchain hold at least a fraction of BTC, with the majority—some 3.4 million addresses—holding between 0.1 and 1 BTC. These wallets are typically held by retail investors, and their continued accumulation could provide further upward pressure on price should broader sentiment improve.

In addition to on-chain activity, market structure also appears to favor a bullish scenario. The Bitcoin Ahr999 Index, a widely used technical indicator for identifying relative market bottoms, has moved into a more favorable range. While the index remains above 0.45, which is often seen as a proxy for a price bottom, the current reading still supports the potential for continued consolidation or an eventual breakout. Traders are advised to watch closely for confirmation of a sustained move above $116,000 as a signal that buyers are in control of the near-term trend.

Despite the positive technical outlook, it remains important to note that the price of Bitcoin, like all cryptocurrencies, is subject to high volatility and external macroeconomic factors. Investors should exercise caution and ensure that they understand the risks associated with trading in such a dynamic market. As the price continues to test key levels, further analysis will be crucial to determine whether this is a continuation of a longer-term trend or a temporary consolidation phase.