Bitcoin (BTC) has been missing a significant upside as the bears continue to bite. However, Bitcoin hodlers are not giving up in their quest to have more coins.

Data Analytics Company IntoTheBlock explained:

“The number of Bitcoin users has been growing in the bear market. Currently, more than 42 million addresses have BTC, 4.5 million more than a year ago.”

Source: IntoTheBlock

Since coins are stored for the future in addition to speculation, hodling has become one of the sought after strategies in the Bitcoin market. Also, it triggers a bullish picture because it reduces selling pressure.

Market Insight Provider Glassnode he pointed:

“Bitcoin has once again rejected below the psychological $20k region, plunging short-term Hodlers into serious unrealized losses. However, Bitcoin hodlers are holding their own, and spending on old coins is approaching a full detox cycle.”

Glassnode recently noted that while Bitcoin has lacked significant upward momentum, this hasn’t dampened hodlers’ spirits as coins aged at least 3 months hit an ATH of 86.3%, reported Blockchain.News.

On the other hand, Bitcoin addresses with at least 0.01 coins have been increasing. glass node fixed:

“The number of BTC addresses containing more than 0.01 coins has just reached an ATH of 10,746,906. The previous ATH of 10,746,518 was observed on September 25, 2022.”

Source: Glassnode

Furthermore, addresses with more than 10,000 BTC reached a monthly high of 101.

Although a bullish picture has not been painted on the Bitcoin market, it remains to be seen how things play out for the leading crypto in the short term.

“There is no bullish price structure for Bitcoin,” Cubic Analytics Senior Market Analyst Caleb Franzen he pointed.

Source: TradingView/CalebFranzen

Bitcoin was down 7.23% to hit $18,723 during intraday trading, according to CoinMarketCap.

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