Bitcoin Addresses In Profit: What Changed
The recent decline in the price of Bitcoin has led to a decrease in the number of BTC addresses in profit. This decline coincided with a sharp drop in the values of the Nasdaq Composite Index and the S&P 500 Index, as well as the sale of Bitcoin holdings by SpaceX. As a result, many traders have experienced unrealized losses.
– Expectations of spot ETF filings did not have a significant impact on the sideways movement of Bitcoin’s price.
– The decline in price on August 18, 2023, led to a decrease in the number of BTC addresses in profit.
– The Nasdaq Composite Index and the S&P 500 Index also experienced sharp declines.
– The sale of Bitcoin holdings by SpaceX further impacted the market sentiment.
– Glassnode data shows a significant drop in the number of BTC addresses, reaching a one-month low.
Further BTC Price Fall Imminent?
It is uncertain whether Bitcoin will continue to remain in a correction phase. Support levels for BTC are currently at $25000 and $21500, causing traders to experience fear, uncertainty, and doubt (FUD) over shorting trades. However, positive news regarding spot Bitcoin ETFs in early September could reinstate a bullish environment.
– Bitcoin may continue to experience a correction phase or see further price falls.
– Support levels for BTC are at $25000 and $21500.
– Traders may experience fear, uncertainty, and doubt (FUD) when considering shorting trades.
– Positive news regarding spot Bitcoin ETFs in early September could shift market sentiment.
– The U.S. Securities and Exchange Commission (SEC) is expected to provide an update or decision regarding spot ETF applications from Blackrock and Wisdomtree.
Conclusion
The recent decline in the price of Bitcoin has impacted the profitability of individual BTC holders. The market sentiment has been influenced by broader financial market moves, such as the decline in the Nasdaq Composite Index and the S&P 500 Index, as well as the sale of Bitcoin holdings by SpaceX. It remains to be seen whether Bitcoin will continue to experience a correction phase or if positive news regarding spot Bitcoin ETFs will lead to a bullish environment. Traders should closely monitor market developments and be prepared for potential price falls or shifts in market sentiment.
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