According to the data provided by analytical company Chainalysis, the number of new investors in the bitcoin market is growing rapidly, which can create additional pressure on the BTC rate.
According to Chainalysis, in September, the number of wallets of “young” investors, which were created from one to three months ago and which rarely send BTC, rose to 2,225,467 – the highest level since February 2018. Even six months ago, the number of such wallets was 1,162,632.
The growth curve was much more gentle in the first two months of 2020, but after the March market fall, it became almost parabolic. Investors took advantage of the 40% price fall, and since then, they invest in bitcoin. Chainalysis economist Philip Gradwell said:
“It seems that new people come to the market, buy BTC, and put them in their wallets for long-term investment. The data shows that the pressure on the rate is increasing, and the number of coins available for purchase is decreasing, as recently bought BTC is likely to lie idle for a long time.”
The number of new investors’ wallets rose from 791,289 to 2,000,000 in the second half of 2017 during the BTC Rally to $20,000. Investor interest remained high even after the price fell sharply to $6,000 in February 2018. Bitcoin is now traded at $10,880, up 52% since the beginning of the year.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin grew to the resistance level of $11,100. Then it dropped to the support level of $10,850. Now, the price of bitcoin is $10,890. In the future, we predict a decline. The nearest resistance levels are $10,900, $11,000, $11,100, $11,300, $11,400, $11,500, $11,650, $11,850, $12,000, $12,230, $13,000, $13,500. The nearest support levels are $10,800, $10,700, $10,500, $10,340, $10,250, $10,200, $10,000, $9,850, $9,600, $9,400, $9,300, $9,200, $9,000, $8,600.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum grew to the resistance level of $385. Then it dropped to the support level of $375. Now, the price of ethereum is $378. In the future, we predict a decline. The nearest resistance levels are $380, $385, $390, $400, $410, $415, $420, $430, $440, $443, $470, $475, $500, $530. The nearest support levels are $375, $365, $355, $350, $330, $325, $310, $300, $290, $277, $270, $260, $257, $250.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple grew to the resistance level of $0.26. Then it dropped to the support level of $0.25. Now, the price of ripple is $0.2490. In the future, we predict a decline. The nearest resistance levels are $0.25, $0.2580, $0.26, $0.27, $0.28, $0.29, $0.2960, $0.30, $0.3080, $0.31, $0.32, $0.3250, $0.3450. The nearest support levels are $0.2480, $0.2450, $0.2440, $0.2350, $0.23, $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20.
