5.1 Million Bitcoin Addresses Remain Underwater as BTC Struggles to Break Resistance

IconCryptoNewsTerminal Staff19 Sep, 2024

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5.1 Million Bitcoin Addresses Remain Underwater as BTC Struggles to Break Resistance

Over 5.1 million Bitcoin (BTC) addresses are currently in loss, according to data from crypto market analytics platform IntoTheBlock. This indicates that these addresses have purchased BTC at a higher price than its current market value. Despite BTC's recent attempts to break through the $63,000 resistance level, the significant number of addresses in loss suggests that the market is still in a state of uncertainty. IntoTheBlock's data shows that these addresses collectively hold a substantial amount of BTC, which could potentially impact the market if they decide to sell. However, it's important to note that not all addresses in loss will necessarily sell their BTC. Some holders may choose to wait for the market to recover, while others may have a long-term investment strategy and are not concerned with short-term fluctuations.

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