As a seasoned crypto investor with a knack for deciphering market trends and a flair for reading between the lines of data, I find myself both excited and cautiously optimistic about the current state of Bitcoin. The recent surge to over $99,000 was undeniably thrilling, yet the subsequent retracement has me pausing to consider the underlying dynamics at play.
Since Donald Trump’s victory in the U.S elections three weeks ago, Bitcoin and other cryptocurrencies have seen a surge in value. In fact, Bitcoin has skyrocketed from around $70,000 to over $99,000 during this period. The bullish trend has dominated the market.
Indeed, the value of this asset reached a new record high on Friday, surpassing $99,800. However, the skeptics emerged from their hiding places and thwarted the community’s prediction for a further rise into seven-figure territory.
In the subsequent period, Bitcoin experienced a dip, but it has recently picked up momentum and currently hovers around $98,000. Once more, attention is shifting towards reaching $100,000.
There’s a lot of optimism within the cryptocurrency world that a significant event may occur today. However, some data from the blockchain might provide additional insights into the actions of investors.
According to IntoTheBlock’s analysis, approximately 60,000 Bitcoin wallets have acquired around 22,740 BTC at prices higher than the current market value. This implies that these investors are currently experiencing a loss. Such purchases could be seen as a warning sign because typically, investors prefer to sell when the asset’s price returns to their initial purchase level after a downturn.
Simultaneously, it’s worth noting that approximately 458,000 Bitcoin addresses hold around 344,000 BTC, which is equivalent to nearly $34 billion at current prices ranging from $96,717 to $98,293. As per the analysis by a data platform, these price levels are now evolving into a “growing base of support” and could potentially serve as a “solid foundation for a surge surpassing $100,000.
The battle for $100k $BTC rages on.
Approximately 60,000 Bitcoin addresses have obtained more than 22,740 BTC at prices higher than the present one. However, what’s truly noteworthy is the increasing backing being seen at lower levels.
458k addresses have amassed a staggering 344k BTC. A strong foundation to fuel a move beyond $100k
— IntoTheBlock (@intotheblock) November 25, 2024
As a crypto investor, I’m bracing myself for potential market volatility next week given the economic factors unfolding in the U.S. Fortunately, there’s a national holiday in the States on Thursday, which might help dampen some of the market swings.
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2024-11-25 14:52