$25 bn Worth Of Bitcoin Holding Addresses In Loss
Bitcoin (BTC) has surpassed $52,000, but maintaining this level has been challenging due to retracement and reactionary buying.
New addresses that bought BTC during the rally faced significant losses, leading to speculation about a significant selling wave.
Approximately 848,390 addresses have recently purchased 481,710 BTC, equivalent to $25 billion, at an average price of $52,125.
Since then, the BTC price has significantly dropped, causing losses for these addresses. This could lead to increased selling pressure, potentially causing a significant Bitcoin correction, bringing the price below $50,000.
Crypto analyst Michaël van de Poppe suggests a peak between $53,000 and $58,000, followed by a retracement ranging from 20% to 40%.
However, the current situation suggests a potential correction before the identified peaks. Bitcoin has recorded minimal liquidations, with $26.06 million worth sold in the last 24 hours, with $20.39 million related to long positions. The decrease in liquidations could be associated with Bitcoin’s price surpassing $52,000.
(With inputs from Shikha Singh)
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