Bitcoin Rallies Again, 91% of Hodlers in Profits
Bitcoin is continuing on its bullish run as 4% surge has propelled the cryptocurrency’s price around $65,500, although it had earlier briefly spiked to $66,500. On-chain data indicates around 91% of all Bitcoin holders are now in profit. As a consequence of the recent recovery, a significant proportion of large dots on the cost basis distribution chart have turned green. Investors who are still underwater may react to a retest by selling, which could act as sources of resistance. However, with large swathes of the cost basis ahead not occupied by numerous investors, resistance may not be as insurmountable. Nevertheless, as so many investors are currently holding on to gains, Bitcoin may potentially face trouble in achieving an all-time high due to the risk of a mass sell-off initiated by profit-taking.
Bitcoin Whales Continuing Accumulation Trend This Year
In other Bitcoin-related news, the total balance of whale entities (holding 1,000 to 10,000 BTC) has been consistently up throughout this year. Despite not being a direct indication of Bitcoin whales’ intentions, the sustained increasing trend in their total balance seems to suggest a relentless long-term accumulation strategy by large investors.
