The cryptocurrency market is once again on the road to recovery after a bearish streak, but the bullish trend has not yet affected all of its participants – including some of the holders of the flagship digital asset Bitcoin (BTC).
As a matter of fact, more than 6.51 million addresses are still in a loss after buying 3.32 million Bitcoin tokens at an average price of $40,160, according to a tweet and chart that the prominent crypto trading analyst Ali Martinez published on May 31.
According to the chart, the percentage of addresses in profit is 54.62%, while those who ‘broke even’ make up only 1.89%.
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However, things for these Bitcoin holders may change in the future, depending on further market movements and sentiment, as Martinez explains that:
“These addresses will likely try to break even in the event of a bullish impulse.”
That said, he also adds that:
“Bitcoin is going to need a lot of buying pressure to slice through this supply wall.”
Bitcoin hikes 10% in a week
The drop in the number of Bitcoin addresses in loss is yet to follow the bullish advance that has finally pushed the price of the network’s token beyond the $30,000 mark.
At press time, Bitcoin is trading at $31,644. This is a 3.84% advance on the day, and as much as a 9.41% gain from only seven days ago.
Meanwhile, the crypto community at CoinMarketCap has predicted, with 80% historical accuracy, that BTC would trade at an average of $41,175 by June 30, as Finbold reported earlier.
As things stand, Bitcoin is still the convincing leader by market capitalization, as this indicator for BTC currently stands at $602.97 billion, according to the latest CoinMarketCap data.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
