Last chance for price
Since October 16, Bitcoin has been losing network wallets. On that day, the number of non-empty wallets peaked at 59.99 million; as the price dropped below $75,000, the network has lost approximately 108,700 wallets. Smaller holders are clearly losing patience.
Last chance for price
Bitcoin's last bullish hope was a brief rebound toward the $80,000–$81,000 range in early November. However, this momentum failed to sustain, and prices quickly dropped back toward $76,000, opening the door for further declines. Since reaching its October high near $87,000, BTC has fallen approximately 14%, erasing all gains accumulated since late August.
BTC has fallen below all major moving averages, with most averages trending downward, suggesting the current market trend is deteriorating. The RSI also confirms this, hovering around 40, indicating bearish momentum or at least a sideways consolidation.
Driven by falling prices, retail investors remain fearful: smaller traders are consolidating or emptying their wallets. There are currently around 59.88 million non-empty wallets on the network, while exchange supplies approach 1.28 million BTC. However, the decline in wallet count does not necessarily indicate a decrease in Bitcoin usage.
But where will BTC ultimately find stability? In reality, the nearest reasonable support level is between $74,000 and $75,000, where buyers have already entered this week. Given market volatility, discussing a break below this range is of little practical significance.
Support levels do not guarantee formation.
However, even if BTC holds the $74,000 support level, bulls may not immediately return. There is little indication that retail investors will re-enter the market to help BTC reclaim key levels. Worse still, the overall market environment is not favorable for bulls, making it a wiser choice to prepare for a prolonged pullback.
If bullish sentiment unexpectedly returns, a rebound to $78,000–$80,000 will be the primary target, as multiple moving averages are currently clustered in this range. A price decline accompanied by a reduction in wallet numbers is typically seen as a signal that selling pressure is exhausting, as retail investors often capitulate when fear is at its peak.
Whether buyers can hold the $74,000 level is the primary test facing Bitcoin today. The number of wallets continues to decline, prices remain below the moving averages, and brief rebounds will not alter the overall trend.