Bitcoin has lost approximately 108,700 non-empty wallets since October 16, when the network total reached 59.99 million, according to Santiment Intelligence. Non-empty wallet counts are a widely watched on-chain measure of holder participation, since every address carrying a positive balance contributes to the total. The decline comes as BTC trades below $75,000, while analyst Darkfost tracks a Fibonacci retracement near $74,600 — a level identified as key support, with a potential extension toward $71,000 if it fails. BTC last traded near $74,783, with the relative strength index (RSI) below 50, immediate support at $74,000 and resistance at $76,000. Santiment shared the wallet data in a post on X.

Wallet Count Drops as Smaller Holders Exit

Santiment said the network's non-empty wallet count has fallen by roughly 108,700 since October 16, suggesting smaller holders may be consolidating funds or emptying wallets during the decline. The firm cautioned, however, that a lower wallet count does not automatically mean Bitcoin's utility is shrinking.

According to Santiment, the trend could take on a different meaning if BTC holds between $74,000 and $75,000 while wallet numbers continue to fall. Exchange supply — the amount of BTC held on trading platforms — has also declined to about 1.28 million BTC. The firm highlighted a recovery above $78,000 to $80,000 occurring alongside continued wallet losses.

Darkfost Tracks Fibonacci and Moving Averages

In a separate analysis, Darkfost said Bitcoin's second wave has entered a retracement zone near $74,600, corresponding to the 0.382 Fibonacci retracement. Fibonacci retracement levels are standard tools in technical analysis, used to mark zones where a pullback may stall or reverse within a larger trend. If the level fails, the decline could extend toward $71,000.

Darkfost noted that the daily RSI was approaching 30 and that Bitcoin had lost its 200-day moving average, with a fourth consecutive daily close below that average approaching. The 200-day moving average is among the most closely followed long-term trend indicators, and extended trading beneath it is generally treated by analysts as a sign of weakened broader structure. Darkfost also flagged that the 200-week moving average is nearing $70,000 — a level that converges with the 0.5 retracement. A move below this zone, Darkfost said, would create a weaker market structure.

BTC Holds Near $74,800 After Latest Rebound

The four-hour BTC/USD chart (TradingView) shows a decline from roughly $85,000 in early October to $74,782.82 on November 10. A recovery attempt toward $80,800 around November 5 failed, and BTC subsequently fell below $76,000.

The latest four-hour candle opened at $74,434.37, reached a high of $74,908.99 and closed at $74,782.82, gaining $342.15, or 0.46%, while displayed volume remained at zero BTC. The chart's RSI stood at 43.59, above its 40.10 moving average but below the neutral 50 mark.

Momentum readings were mixed: the MACD histogram was positive at 28.63, with the MACD line at -571.06 above the signal line at -599.69, although both remained in negative territory. Immediate support sits at $74,000, followed by $72,000. Resistance is located at $76,000, then $78,000 and $80,000. Taken together, the $74,600 Fibonacci zone, the $70,000 area where the 200-week moving average and the 0.5 retracement converge, and Santiment's $74,000–$75,000 wallet-loss scenario give readers a concrete set of reference points for tracking how the pullback develops.