Ethereum
Majority of Bitcoin Holders Take Profits as BTC Nears ATH of $73,737, Breakout Imminent?
Bitcoin nears all-time high of $73,737, with 93% of holders in profit; minimal resistance and bullish sentiment confirm potential for further gains.
In a recent job On X, analytics platform IntoTheBlock highlighted that almost all Bitcoin holders are now profitable, indicating favorable market sentiment and minimal on-chain resistance.
This phenomenon came as Bitcoin briefly regained the $70,000 threshold a few hours ago before stabilizing around $68,000. At this price, 93% of Bitcoin holders are in profit, only 2% are in loss, while 5% are neither in loss nor in profit.
The image accompanying the IntoTheBlock update highlighted the distribution of investors who bought BTC between $59,016 and $72,500. The large green clusters show a significant number of BTC addresses in profit in the $59,015 to $69,455 range.
Bitcoin Holders in Profit and Loss | IntoTheBlock
This profitability suggests that most investors bought at lower prices, contributing to the overall positive market sentiment.
Meanwhile, the small red clusters suggest current losses for those who bought Bitcoin between $69,528 and $72,500. Given the small size of these clusters, they indicate minimal on-chain resistance above the current price.
This lack of significant selling pressure suggests the potential for continued price growth. If BTC breaks through current resistance levels, it could pave the way for a retest of its all-time high and potentially new highs. Notably, Bitcoin is just 6.53% away from its all-time high of $73,737.
Market Sentiment Improves on Bitcoin
Market sentiment is another critical factor supporting the potential breakout. For example, Santiment analysis shows that the 20% rise in Bitcoin’s price over the past three weeks has significantly boosted trader sentiment.
According to Santiment, weighted sentiment has seen a notable increase, which is now nearly five times the normal standard deviation. This is the highest level of bullish comments since March 2023. This surge in positive sentiment indicates growing confidence among traders, who are now expecting further gains and new all-time highs.
Technical indicators confirm the possibility of BTC growth
Technical indicators are also pointing to bullish signals. Data from TradingView shows that as BTC trades around $69,000, it has broken above the Ichimoku cloud, a strong bullish sign.
The Relative Strength Index (RSI) at 65.99 is in the bullish zone but is not yet overbought, indicating room for further growth. In contrast, the Accumulation/Distribution line is showing steady accumulation, reflecting strong buying interest among investors.
Sleeping Bitcoin Whale Generates 541,265% Profit
Amidst these developments, a recent report from The Crypto Basic revealed that several dormant Bitcoin whales have woken up. A Bitcoin wallet, which contained 37 BTC, has been reactivated after being inactive for 11.8 years.
In 2012, those 37 BTC tokens were worth just $476. Today, that portfolio is worth $2,576,901, thanks to Bitcoin’s rise to $70,000. This reactivation represents a return on investment of over 541,265%.
During this report, Bitcoin is up 0.8% on the day and 2.45% on the week, pushing its price to $68,378.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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