According to a recent article by the cryptocurrency analytics company IntoTheBlock, Bitcoin is about to make a significant breakthrough as its price is rising. Over 1.77 million addresses may be purchased for $29,200, making it a crucial resistance level to monitor.
Since hitting a local low of $24,900 during the previous couple of weeks, Bitcoin has had a spectacular recovery, rising by more than 8.3% to its current price of almost $27,000 per BTC. There is a flurry of enthusiasm in the cryptocurrency world since this is the highest price point in the previous three weeks.
Intriguing insights may be found by delving deeper into the statistics provided by IntoTheBlock on address concentration. There are currently 31.34 million addresses with a total value of 12.03 million BTC that are positive. On the other hand, 16.02 million addresses, totaling 6.43 million BTC, are in the red.
5.61 million loss-making addresses, or a large portion of the total, are concentrated in the BTC price range of $43,260 to $67,400. 2.23 million BTC, the majority of the loss-making coins, were purchased between $27,285 and $30,330. It’s interesting to note that this range matches the cryptocurrency’s most recent pricing.
As Bitcoin’s price continues to rise, attention is still firmly fixed on the $29,200 barrier level, where the decisions and aspirations of over two million investors are at stake. All eyes are on the developing activity in the cryptocurrency realm, with market sentiment serving as the final judge.
