Bitcoin (BTC) Faces Sell-Off as Retail Holders Withdraw

CoinDesk reports:

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.