- Over 30,000 Bitcoin addresses were at a loss a few hours before writing time, according to IntoTheBlock’s tweet
- As Bitcoin surged past $72,000, retesting its all-time high, the number of addresses holding BTC at a loss reduced to zero
- Analysts suggest Bitcoin is in a consolidation phase, navigating sideways between $65,000 and $71,000, allowing investors to accumulate the digital asset at an advantageous price
Bitcoin has climbed back up toward its all-time high price, lifting many wallet addresses out of losses. According to data from IntoTheBlock, there are currently zero Bitcoin addresses at a loss as BTC hovers around $72,600.
All BTC Addresses Now Profitable
A few hours before writing time, a tweet by IntoTheBlock revealed that over 30,000 Bitcoin addresses were at a loss, with a volume of 10,540 BTC. However, BTC’s continuous climb has eliminated the losses, placing the addresses at the money.
With zero addresses out of the money, roughly 99.6% of Bitcoin addresses, comprising 5.182 million wallets, are in profit. This leaves over 183,000 addresses, representing 0.35%, that purchased BTC at an average of $71,818 at the money.
IntoTheBlock says these indicators show BTC is having a great start to the week. Historically, such levels of profit recur during bull market cycles. With the Bitcoin halving approaching, investors will experience more similar events as BTC slumps and rallies due to volatility.
Bitcoin Price Outlook
Bitcoin’s surge past the $72,000 level has added over $70 billion to the crypto market. Following the asset’s fall from $68,000 at the beginning of last week to $64,500 on Wednesday, millions of traders were liquidated.
Although most of last week was in the red, the bulls took over on Friday and pushed BTC past $69,000. They failed an attempt to surge past $70,000 on Sunday. While BTC remains above $72,000 at the time of writing, speculation abounds that the cryptocurrency will crush its all-time high of $73,700 before the halving takes place in the next 12 days.
Meanwhile, analysts said Bitcoin is in a consolidation phase, navigating sideways between a range low of $65,000 and a range high of $71,000. This phase allows investors to accumulate the digital asset at an advantageous price and manage risk amid uncertainty.
Sustaining support levels at $60,000 and $57,000 linked to short-term Bitcoin whales and large wallets, BTC is unlikely to witness any significant corrections but rather short-term upward momentum.
Conclusion
With Bitcoin back near its all-time high, the vast majority of BTC addresses are now profitable. As the market continues toward the halving event, increased volatility is expected. But analysts say Bitcoin remains in an accumulation phase, which should prevent major corrections in the short-term as momentum builds.
