Bitcoin: As HODLers continue to prop up BTC, how long can it manage to stay afloat

ambcrypto.com:

The last month has been a relatively difficult time for Bitcoin (BTC) given its poor performance with each passing week. The king coin has been witnessing a weak price action and doesn’t indicate any chances of recovery anytime soon.

At press time, the token was trading at a red value of $35,816 with the Awesome Oscillator functioning below the zero line. The Relative Strength Index (RSI) further tried making its mark toward the neutral zone but only fell down to 36.24 at the time of writing.

Source: TradingView

As per the latest data from Glassnode, the number of active addresses in loss reached a two-year high of a little over $15 million as of 7 May. Subsequently, the number of active addresses in profit reached a three-month low of 26,723,028 as per additional data from Glassnode.

However, as per analyst Will Clemente, the credit for sustaining the BTC above the $30,000 mark goes to long-time HODLers that are constantly investing in the token despite the losses. Furthermore, famed crypto opponent, Peter Schiff, gave credit to the efforts made by HODLers in keeping the token price afloat.

As per data from Glassnode, the number of wallets with a balance of more than 0.01 BTC, 0.1 BTC, and 1 BTC witnessed a tiny spike and currently stands at approximately 9.9 million, 3.46 million, and 836K respectively.

However, the number of addresses with more than 1K BTC showed a decline, currently standing at 2.4K addresses. However, the number of addresses with more than 10K BTC witnessed a massive surge in the last five days. As of 3 May, the number of addresses with more than 10K BTC stood at 90, which spiked up to 95 as of 6 May.

Source: Glassnode

Thus, an overall rise in the number of addresses holding on to the token can be taken as