Bitcoin Holds Strong Above $60,000 with 93% of Addresses Profitable

full version at en.coinotag

Bitcoin continues to show resilience, currently maintaining a value above $60,000.
Despite a recent dip, the profitability of Bitcoin holdings remains high.
A notable 93% of Bitcoin addresses are currently profitable, indicating strong holding sentiment.

Discover the current trends in Bitcoin’s profitability and the optimistic behavior of miners amidst a fluctuating market.

Stable Prices and High Profitability

As of July 22, Bitcoin demonstrates stability, trading steadily above $60,000 despite being 8% down from its all-time highs of around $74,000. According to data from IntoTheBlock, 93% of Bitcoin addresses remain profitable at these spot rates, reflecting robust market health. This signifies a significant recovery following the sharp sell-offs in June and early July 2024, where prices plummeted to $53,500.

Impact on Short-Term Holders

The recovery to above $67,000 has instilled confidence among short-term holders (STHs) who acquired Bitcoin within the last 155 days. When Bitcoin prices surpassed $63,000, these holders started to profit, which reduced the selling pressure in the market. This positive trend hints at a sustained upward momentum for Bitcoin, underpinning the growing optimism among investors.

Miners’ Confidence and Accumulation

There is notable bullish behavior among Bitcoin miners, who have been accumulating rather than selling. Throughout July, data from IntoTheBlock revealed aggressive accumulation by major mining operations such as Mara Digital and Riot Blockchain, which collectively added over 4,500 BTC to their reserves in the past three weeks. This accumulation aligns with the rising prices of these mining firms’ stocks, which have surged by over 30% recently.

Large Holders and Market Sentiment

Entities owning at least 1,000 BTC have also been on a buying spree, with their holdings at a two-year high as of July 19. This significant acquisition by large holders indicates a strong belief in the sustained upward trend of Bitcoin. Correspondingly, the Bitcoin Market Value to Realized Value (MVRV) ratio, a critical profitability measure, is on the rise. On July 22, the MVRV bounced off its one-year moving average, further validating the ongoing uptrend.

Conclusion

In conclusion, Bitcoin’s current market dynamics display strong signs of recovery and resilience. The high profitability among Bitcoin holders and the accumulation behavior of miners and large holders underscore a bullish outlook. This recovery trend, supported by accumulating forces and the rising MVRV ratio, suggests that Bitcoin could maintain its upward trajectory in the near future.

The post Bitcoin Holds Strong Above $60,000 with 93% of Addresses Profitable appeared first on COINOTAG NEWS.