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bitcoin

Bitcoin Addresses In Profit Falls Below 50%

Best Owie
by Best Owie
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The price of bitcoin has been fluctuating in the last week. Mainly the price has been growing, reaching one-month highs in the process. However, as the month of July is drawing to a close, bitcoin has begun to shed the gains it has made over the last week. This has brought the percentage of holders who are in profit down below 50%.

Only 47% In Profit

Bitcoin holders have been one of the few digital asset holders who have managed to maintain their profitability through the bear trend. Even when large cryptocurrencies were seeing the number of holders in profit drop below half, the pioneer cryptocurrency had maintained more than half of all holders in profit. That is, until now, as the recent price crash has made things harder in the space.

Related Reading | How This Whale Lost 100 ETH Through An ENS Domain Name

According to data from IntoTheBlock, the number of bitcoin holders in profit has taken a nosedive over the last couple of days. In total, there are 47% of all wallets are currently in profit. Even though it remains the majority of holders in profit, it is by a small margin and is down more than 3% from where it was last week.

Bitcoin price chart from TradingView.com

BTC price falls to $21,800 | Source: BTCUSD on TradingView.com

This has also brought the number of those nursing losses up over the last couple of days. A total of 46% of all holders are currently in losses, while 6% are sitting in the neutral territory. For this 6%, they simply purchased their tokens at the price the digital asset is currently trending.

Bitcoin Turning Bearish

It is important to note that the recent run-up in the price of bitcoin has seen it mark a number of bullish indicators. However, as the crypto market is wont to do, a dip in price has erased a good portion of these bullish indicators.

The first is now the 5-day moving average. Not the most important indicator by any means, but it shows the buying behaviors of investors in the very short term. Bitcoin’s run to $24,000 had seen the moving average shoot up, but with the quick crash, investors have been extremely wary, as the price fell below its 5-day moving average to $22,865.

Related Reading | Offshore Premiums Indicate Recovering Sentiment Among Crypto Investors

Another important metric is the 50-day moving average. Bitcoin is now trending well below this, which is not a good sign for the next couple of weeks. However, it is also important to note that this could quickly change if accumulation picks up.

Nevertheless, as bitcoin enters the new week, there is obviously an ongoing war between the bears and the bulls for dominance. Since the weekend has been known to set a precedent for the new week, bitcoin’s performance may come as the opposite of what was recorded last week.

Featured image from Forbes, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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