Roughly 7M BTC Addresses Bought Between $61K-$70K; Many Now Underwater
CryptoNewsTerminal Staff02 Sep, 2024
Roughly 7M BTC Addresses Bought Between $61K-$70K; Many Now Underwater
Roughly 7 million Bitcoin (BTC) addresses purchased BTC between $61,700 and $75,000, according to on-chain analytics provider IntoTheBlock. A significant number of these traders are now underwater, leading to continued sell pressure every time the price rallies. BTC needs significant momentum to break through this resistance. This indicates that a large number of investors who bought BTC at or near its all-time high are now facing losses. This could weigh on the price of BTC in the short term, as these investors may be forced to sell their BTC to recoup their losses. However, it's important to note that the long-term outlook for BTC remains positive. The fundamentals of BTC are strong, and there is a growing number of institutional investors entering the market. This suggests that BTC is likely to continue to appreciate in value over the long term.
