Bitcoin falls 14% since peak, non-empty wallets decline by 108,700

Bitcoin has faced a notable decline since reaching its peak in October, with both price and key network metrics reflecting increased caution among retail investors.

Non-empty wallets drop as retail loses interest

On October 16, the number of non-empty Bitcoin wallets reached a record-high of 59.99 million. Since then, about 108,700 wallets have become empty, coinciding with Bitcoin’s price slipping below $75,000. This shift suggests that smaller holders are growing impatient with recent market conditions and are either consolidating or closing their positions.

Despite the shrinking count of active wallets, the current figure remains around 59.88 million. The exchange supply of Bitcoin has also decreased and now stands near 1.28 million BTC. While a decline in wallet numbers might indicate reduced participation from retail traders, it does not necessarily mean Bitcoin is being used less overall.

Fueled by falling prices, retail participants remain cautious. Many smaller traders are emptying or merging their wallets, contributing to a lower total of non-empty Bitcoin addresses on the network.

Price struggles and technical signals suggest further correction

BTC’s brief recovery rally in early November pushed the price toward the $80,000 to $81,000 range, but momentum quickly faded. The price retreated to the $76,000 area, erasing gains accumulated since late August. Since its October top near $87,000, Bitcoin has fallen approximately 14%.

Bitcoin’s price currently sits below all major moving averages, most of which are trending downwards. The Relative Strength Index (RSI) hovers around 40, indicating persistent bearish sentiment or at least continued sideways action.

A falling wallet count combined with a price that holds steady can sometimes indicate seller exhaustion, as smaller investors tend to exit their positions when fear peaks in the market.

Support and resistance levels in focus

Traders are closely watching the $74,000 to $75,000 support region, where some buying interest has re-emerged this week. There is little consensus about what might happen if this area fails to hold, given the market’s inherent volatility. Even if Bitcoin maintains this level, analysts see limited evidence of renewed retail interest strong enough to push the price to higher resistance zones.

Analysts note that even if $74,000 holds as support, buyers may remain cautious. The broader market continues to show signs that bulls are not regaining control, and a prolonged correction remains possible unless there is a clear shift in retail activity.

If buyers return, the primary target for a short-term recovery would be the $78,000 to $80,000 region, where several significant moving averages are now positioned. Otherwise, Bitcoin may continue trading in a corrective pattern until stronger demand from new buyers emerges.