Bitcoin’s Resilience Shines Through
For Bitcoin ($BTC) holders, the recent months have been lucrative, with the cryptocurrency’s price surging by over 140% in the last six months. In fact, only a mere 0.16% of the past 3,732 trading days have seen investors facing losses at current prices.
The Overwhelming Profitability of Holding Bitcoin
- Data from Blockchain.com reveals that holding Bitcoin has been profitable in 99.92% of the last 3,732 days.
- There were only six days during which it was unprofitable to hold the cryptocurrency, falling between March 9-13 and March 25-29.
This data underscores the strategic advantage of holding onto Bitcoin during times of market volatility. Although short-term fluctuations can be volatile, Bitcoin’s historical price performance suggests the likelihood of long-term gains.
Bitcoin’s Price Trajectory and Recent Developments
- Bitcoin recently hit a new all-time high, surpassing the $73,400 mark following the introduction of spot Bitcoin exchange-traded funds (ETFs) in the US.
- Key financial players like BlackRock and Fidelity have launched their own spot Bitcoin ETFs, contributing to the cryptocurrency’s value surge.
In addition, an upcoming halving event is anticipated to occur later this month. This event will result in the halving of the coinbase reward miners receive for mining blocks on the network, effectively reducing the newly minted supply.
Bitcoin’s Current Price and Potential Floor
- Bitcoin is currently trading at $66,600, having experienced a 5% decline in value over the past week amidst a significant market downturn.
- Reports suggest that Bitcoin’s potential price floor could be around the $56,000 mark, according to Bitfinex Alpha.
Bitfinex’s findings indicate that a drop to $56,000 would represent the maximum expected downturn from a new local high, aligning with earlier analyses of market corrections.
Key Support Levels and Market Trends
- The Realised Price level for the short-term holder cohort has served as a crucial support and resistance point throughout the current trading cycle.
- Analysis shows that the current correction in Bitcoin’s price mirrors trends observed in previous market cycles, indicating a potential market floor.
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