Over the last day, Bitcoin‘s price has climbed approximately 5%, reaching over $72,000. This rise has caused the amount of wallets with Bitcoin at a lower value to decrease noticeably.
Based on information from IntoTheBlock, no Bitcoin addresses hold a loss now that the digital currency is approximately at the price mark of $72,600.
Zero BTC Addresses at a Loss
Just prior to writing, a tweet from IntoTheBlock shared that approximately 30,000 Bitcoin wallets showed a loss, totaling 10,540 coins. Yet, Bitcoin’s consistent rise erased these losses, now leaving the wallets with a break-even point.
Approximately 99.6% of Bitcoin addresses, equivalent to around 51.82 million wallets, currently hold Bitcoins that are worth more than what their owners paid for them. Conversely, about 0.35%, or over 183,000 addresses, represent individuals who bought Bitcoin at an average price of approximately $71,818 per coin, which is now considered “out of the money.”
According to IntoTheBlock, these signs suggest Bitcoin is off to a strong start this week. Previously, these profitable trends have emerged during bull market periods. As we get closer to the Bitcoin halving event, investors can expect more price fluctuations between gains and losses.
Bitcoin’s Price Outlook
The price of Bitcoin climbing above $72,000 has resulted in approximately $70 billion being added to the value of the cryptocurrency market. Earlier in the week, Bitcoin had dropped from around $68,000 to $64,500, causing significant losses for many traders and resulting in millions of dollars worth of trades being liquidated.
Last week, Bitcoin’s price primarily stayed below its mark for most days. However, the bulls emerged victorious on Friday and propelled Bitcoin above $69,000. An attempt to surpass $70,000 was made on Sunday, but it was unsuccessful. Currently, Bitcoin hovers around $72,000. There’s buzz that Bitcoin could shatter its previous record high of $73,700 before the upcoming halving event, which is scheduled in the next 12 days.
Currently, Bitcoin is going through a period of stability according to experts, moving between the prices of $65,000 and $71,000. During this time, investors can purchase Bitcoin at lower costs and reduce risk as market volatility persists.
Bitcoin’s price is holding steady around $60,000 and $57,000 levels due to the influence of short-term large investors and whales. Consequently, minor corrections are unlikely, and instead, we might expect brief price surges in the near term.
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2024-04-08 19:18