Sentora: About 95% of Bitcoin addresses are in profit, the range of $116,000 to $119,000 may become resistance.

PANews August 7 news, according to on-chain data analysis from Sentora (formerly IntoTheBlock), Bitcoin's recent volatility has remained around 20%, showing a long-term downward trend, with no signs of compression in the short term, and the market is overall in a range-bound state. At the same time, the correlation between Bitcoin and traditional financial markets is gradually increasing, especially the correlation with the S&P 500, which suggests that Bitcoin's sensitivity to macroeconomic conditions may be increasing. In terms of on-chain costs, currently about 95% of Bitcoin addresses are in a profitable state, but this has decreased compared to the historical high of $121,000 reached in July. Data shows that many holders purchased Bitcoin in the range of $116,000 to $119,000 and are in a loss position; this price range may become a significant resistance for future increases.

BTC1.7%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Share
Comment
0/400
GateUser-26103bdcvip
· 16h ago
1000 times the expectation 🤑
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)