Over six million Bitcoin holders remain in a loss despite BTC climbing 10% in a week

4 weeks ago
2 mins read

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.

Source: Ali Martinez

According to the chart, the percentage of addresses in profit is 54.62%, while those who ‘broke even’ make up only 1.89%.

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.

Bitcoin 7-day price chart. Source: CoinMarketCap

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. 

Latest News

Join us on Twitter or Telegram

Or follow us on Flipboard Flipboard

Like the article? Vote up or share on your social media

Recommended content

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s

Ana Nicenko

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.