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Bitcoin prices have fluctuated last week. Prices are rising primarily, reaching a monthly high in the process. But as July is nearing the end, Bitcoin is starting to lose profits last week. As a result, the percentage of profitable holders fell below 50%.
Bitcoin holders are one of the few digital asset holders who have succeeded in maintaining profitability through bare trends. Pioneer cryptocurrencies maintained more than half the profits of all holders, even when the number of profit holders in large cryptocurrencies was less than half. That is, so far, the recent price plunge has made things difficult in this area.
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According to the data from IntoTheBlockThe number of profitable Bitcoin holders has skyrocketed in the last few days. In total, 47% of all wallets are currently profitable. It makes up the majority of profitable holders, but by a small margin, down more than 3% from last week.
BTC price falls to $21,800 | Source: BTCUSD on TradingView.com
This has also resulted in a number of these nursing losses over the past few days. Currently, a total of 46% of all holders are losing money and 6% are in neutral zones. At this 6%, they just bought tokens at prices where digital assets are currently trending.
It is important to note that the recent rise in Bitcoin prices has shown many bullish indicators. But the crypto market isn’t going to do that, so falling prices have wiped out a significant portion of these bullish indicators.
The first is a 5-day moving average. By no means the most important indicator, it shows investor buying behavior in a very short period of time. Bitcoin’s rise to $ 24,000 showed a surge in the moving average, but investors were very cautious as prices fell below the five-day moving average to $ 22,865.
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Another important indicator is the 50-day moving average. Bitcoin is currently trending well below this, which is not a good sign for the coming weeks. However, it is also important to note that this can change quickly as the buildup increases.
Nevertheless, as Bitcoin enters the new week, there is clearly an ongoing war between bears and bulls for domination. Bitcoin’s performance can be the opposite of what was recorded last week, as weekends are known to set a precedent for the new week.
Featured image from Forbes, chart from TradingView.com
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