Bitcoin (BTC) Price: Here’s a Key Network Stat That Shows Good Health
Bitcoin (BTC), the world’s largest digital currency by market capitalization, is seeing a relatively bad weekend after losing its major support level at $28,000. At the time of writing, the crypto is trading at a spot price of $27,652.14, down by a marginal 0.11% over the past 24 hours.
While the digital currency appears to have a bearish outlook, a crucial network metric has shown that Bitcoin has the right technical backing to encourage more resilience and longsuffering amongst its HODLers.
According to data from IntoTheBlock, there are currently more holders that are in profit despite the current outlook. Per the data, a total of 30.42 million addresses are in the money, a figure that accounts for 67.22% of all the addresses hosted on the network. This outpaces the 29% of addresses that are in losses and the 3.44% that are currently in the money.
The fact that Bitcoin is largely a profitable digital currency accounts for one of the key reasons why it remains a delight of institutional investors. With many instinctive actions coming to light in the Bitcoin network including the recent age-long wallet from the Satoshi era coming to life, more actions may be recorded in the near term.
Is Bitcoin (BTC) Bottom In?
Bitcoin entered into April with a bullish momentum which pushed it to rise to more than $31,005 since the start of the month. While many expected the price to keep growing and signify the start of a new rally, the ongoing bearish slump indicates the crypto winter is far from over.
Despite this current outlook, many Bitcoin (BTC) proponents believe the digital currency has formed a very crucial support around the $25,000 level. There are high projection that Bitcoin price will retest it’s All-Time High (ATH) above $68,000 should the broader positive be sustained.
With the forthcoming Bitcoin Halving set to take place exactly in a year’s time, many believe investors will wade into the digital currency with the expectations that the price of the asset will stay on a path of growth in the near term.
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
