Bitcoin Soars to $63K, 99% of Addresses in Profit

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The Main Points at a Glance

The Bitcoin address benefits as the price rises to 63,000 US dollars. Currently, 99% of all Bitcoin addresses are in profit. The MVRV indicator for Bitcoin has reached its highest level since 2021.

99% of Bitcoin Addresses in Profit

According to data from IntoTheBlock, 99% of all Bitcoin addresses are in profit. This corresponds to 51.45 million of all addresses that hold the leading cryptocurrency. With a current value of 63,215 US dollars per Bitcoin, no holder is “out of money”.

Decrease in Selling Pressure

Although some profit-taking may occur, this is bullish for Bitcoin as the selling pressure from traders trying to balance their positions generally decreases.

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Support Wall at Bitcoin

Crypto analyst Ali_Charts points out that Bitcoin has a large “support wall” between 54,300 and 56,200 US dollars. This means that many addresses (903,540) have accumulated the coin when it was traded in this price range. Therefore, there is a “support wall” that could potentially prevent the price from falling significantly if it reaches this level.

Bitcoin in the Green Zone

AMBCrypto noted that Bitcoin’s rally above 63,000 US dollars on February 28 led to the highest daily ratio of transaction volume in profit to loss ratio in four years. According to data from Santiment, this ratio was 4.91, indicating that for every Bitcoin transaction that ended in a loss on this day, 4.91 transactions made a profit.

Our Assessment

The current market situation for Bitcoin is extremely positive. With 99% of Bitcoin addresses in profit and a decrease in selling pressure, it is likely that we will continue to see strong performance from Bitcoin. The support wall between 54,300 and 56,200 US dollars could prove crucial for future price development.

Sources

IntoTheBlock, Santiment, AMBCrypto, Ali_Charts

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Casinos: 46
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price 60.736,00 €
Percent Change 24h -2,33 %
Percent Change 7d 6,02 %
Percent Change 30d -6,30 %
Percent Change 60d 27,06 %
Percent Change 1y 135,89 %
Market Cap 1.195.528.975.247,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
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Last update: 12. March 2024

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