In the past 24 hours, Bitcoin (BTC) has rallied roughly 5%, surging past $72,000 in an attempt to retouch its all-time high. This upward trajectory has significantly reduced the number of addresses holding the digital asset at a loss.
According to data on IntoTheBlock, there are currently zero BTC addresses at a loss as the cryptocurrency hovers around $72,600.
Zero BTC Addresses at a Loss
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 51.82 million wallets, are in profit, leaving 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’s 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.
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