Approximately 375,000 market participants purchased around 119,480 BTC (about $6 billion) at an average price of $50,228. This level could become a significant resistance for Bitcoin, according to Lookonchain.
The price of $BTC just rose above $49.8K!
Data from @intotheblock shows that ~375K addresses bought ~119.48K $BTC($6B) at an average price of $50,227.81.
These addresses are currently at a loss and may generate selling pressure when their positions reach breakeven.… pic.twitter.com/c69xENYkMK
— Lookonchain (@lookonchain) February 12, 2024
“These addresses are currently at a loss and may increase selling pressure when their positions reach breakeven,” the experts noted.
Analysts at CryptoQuant estimate that currently 97.3% of UTXO are profitable. Experts warned of the need to monitor on-chain indicators for early signs of a selling wave.
Area of high interest for crypto market participants
“Currently, 97.3% of Unspent Transaction Outputs are in profit, which means that we should pay more attention as we can see a possible selling pressure in the next period if $BTC investors want to take profit.”
by @Simona_APC… pic.twitter.com/OnfJsfSxOI— CryptoQuant.com (@cryptoquant_com) February 13, 2024
The correction might be postponed by a strong belief in further growth and a lack of consensus on the “sufficiency” of profits at this stage, specialists indicated.
According to the illustration, a high share of “positive” UTXO can persist for a long time.
Crypto trader known as Rekt Capital noted Bitcoin’s transition into a pre-halving rally phase.
It’s now fully confirmed
Time has officially run out
Bitcoin has now completely transitioned into the Pre-Halving Rally phase$BTC #Crypto #Bitcoin https://t.co/Egqxs9ritl pic.twitter.com/ZIJog2cGL3
— Rekt Capital (@rektcapital) February 12, 2024
Analyst under the pseudonym CryptoJelleNL highlighted that for the first time in history, the price of the leading cryptocurrency broke the 0.618 Fibonacci retracement level before the halving.
For the first time in its history, #Bitcoin has broken the 0.618 retracement before the halving.
The strongest start to a new bull cycle, ever.
2 months to go until the halving event, this cycle will probably play out differently than the others. pic.twitter.com/fGlC0uEkp7
— Jelle (@CryptoJelleNL) February 13, 2024
“The strongest start to a new bull cycle in history. Two months until the halving. This cycle will likely unfold differently compared to others,” the expert explained.
As reported by Glassnode analysts, the dynamics of digital gold have entered a “high-risk” mode.
Earlier, DecenTrader experts predicted a sell-off post-halving and a new ATH in the fourth quarter.