Bitcoin’s Upside Threatened As Investors Eye Profit-Taking
Bitcoin surged above $50,000 for the first time since December 2021, breaking multiple resistance levels.
However, it retraced to the $49,800 mark, posing a crucial resistance level that could induce selling pressure in the Bitcoin market.
Lookonchain, an on-chain analytics platform, reported that around 375,000 addresses purchased approximately 119.48K Bitcoin, totaling $6 billion, at an average price of $50,227.81.
These addresses are now back in the red, potentially leading to selling pressure once they reach breakeven. Bitcoin had recently climbed above $48,491, with over 800,000 addresses holding approximately 270,000 BTC.
This shift in investor interest may jeopardize Bitcoin’s upward potential as investors increasingly show interest in taking profits following the correction.
(With inputs from Shikha Singh)
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