Bitcoin Addresses Hit Milestone with Zero at a Loss
In the last 24 hours, Bitcoin (BTC) has seen a 5% surge, breaking through the $72,000 mark on its way to the all-time high. This recent surge has resulted in a significant decrease in the number of BTC addresses holding the digital asset at a loss.
- Bitcoin rallies roughly 5%, surpassing $72,000
- Number of addresses holding BTC at a loss significantly reduced
IntoTheBlock Data Reveals Zero Loss Addresses
Current data from IntoTheBlock shows that there are currently no BTC addresses in a loss position while the cryptocurrency is trading around $72,600.
- Zero BTC addresses in a loss position
- Bitcoin trading around $72,600
Twitter Report Shows Elimination of Losses
Just a few hours before the current time, a tweet from IntoTheBlock revealed that over 30,000 Bitcoin addresses were in a loss position, holding a combined total of 10,540 BTC. However, the recent surge in BTCโs price has wiped out these losses, bringing the addresses back to a neutral standing.
- Over 30,000 addresses previously at a loss
- Recent surge in BTC price eliminated losses
Positive Indicator for Bitcoin Holders
With zero addresses in a loss position, nearly 99.6% of Bitcoin addresses (comprising 51.82 million wallets) are now in a profitable position. This leaves a small fraction of addresses (0.35%) that bought BTC around $71,818 at a neutral position.
- 99.6% of Bitcoin addresses in a profitable position
- Small percentage of addresses at a neutral position
Implications for Bitcoinโs Price Outlook
The recent surge in Bitcoinโs price to over $72,000 has injected more than $70 billion into the cryptocurrency market. Despite a dip from $68,000 to $64,500 earlier last week that led to liquidations, this recent rally has brought back optimism for Bitcoin holders.
- Bitcoin price surge adds over $70 billion to crypto market
- Bulls regain control after a brief downturn
Consolidation Phase and Analyst Forecasts
Analysts suggest that Bitcoin is currently in a consolidation phase, trading between a lower range of $65,000 and an upper range of $71,000. This phase allows for accumulation of the digital asset at favorable prices and risk management amidst uncertainty in the market.
- Bitcoin in a consolidation phase between $65,000 and $71,000
- This phase allows for accumulation of BTC at advantageous prices
Predictions and Support Levels
Looking ahead, analysts believe that Bitcoin is set for further gains, with speculation of breaking its all-time high of $73,700 before the upcoming halving event in less than two weeks. Support levels at $60,000 and $57,000, backed by short-term whales and large wallets, are expected to prevent major corrections and maintain upward momentum.
- Speculations of Bitcoin surpassing all-time high before halving event
- Support levels at $60,000 and $57,000 to prevent significant corrections
Hot Take: Bitcoin Continues to Soar
Bitcoinโs recent surge to over $72,000 has brought joy to many holders as the cryptocurrency hits a milestone with zero addresses in a loss position. Analysts predict further gains for Bitcoin, with support levels in place to maintain the upward momentum. The cryptocurrency market is abuzz with excitement as Bitcoinโs price outlook remains positive in the coming days.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.