Bitcoin price has been fluctuating over the past week. Mainly prices are rising, reaching a one-month high in the process. However, as the month of July approaches, Bitcoin is starting to pare the gains it made last week. This brought the percentage of holders in profit below 50%.
Only 47% in profit
Bitcoin holders are among the few digital asset holders who have managed to maintain their gains through the bear trend. Even when the largest cryptocurrency saw the number of profit holders drop below half, the pioneering cryptocurrency maintained more than half of all holders’ profits. That, until now, has made things difficult in the recent price crash space.
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According to data from IntoTheBlock, the number of profitable Bitcoin holders has decreased over the past few days. In total, 47% of all wallets are currently in profit. While it remains the majority of profit holders, it’s by a small margin and down more than 3% from where it was last week.
BTC price falls to $21,800 | Source: BTCUSD on TradingView.com
It also added to the number of those nursing losses in the past few days. A total of 46% of all holders are currently in losses, while 6% sit in neutral territory. For this 6%, they only bought their tokens at the price that the digital asset is currently trending.
Bitcoin turning bearish
It is important to note that the recent run in Bitcoin price has marked several bullish indicators. However, as the crypto market is wont to do, the drop in price wiped out a good portion of these bullish indicators.
The first is now the 5-day moving average. Not the most important indicator by any means, but it shows the buying behavior of investors in the very short term. Bitcoin’s move to $24,000 moved up the moving average, but with a quick crash investors were extremely cautious, as the price fell below its 5-day moving average of $22,865.
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Another important metric is the 50-day moving average. Bitcoin is now trending below that, which is not a good sign for the next few weeks. However, it’s also important to note that this can change quickly if savings increase.
Still, there is an ongoing battle between bears and bulls for dominance as Bitcoin enters the new week. As the weekend is known to set a precedent for the new week, Bitcoin’s performance may be the opposite of what was recorded last week.
Featured image from Forbes, chart from TradingView.com
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