Bitcoin (BTC), the world’s largest digital currency by market capitalization, is seeing a relatively bad weekend after losing its major support level at $28,000. At the time of writing, the crypto is trading at a spot price of $27,652.14, down by a marginal 0.11% over the past 24 hours.
While the digital currency appears to have a bearish outlook, a crucial network metric has shown that Bitcoin has the right technical backing to encourage more resilience and longsuffering amongst its HODLers.
According to data from IntoTheBlock, there are currently more holders that are in profit despite the current outlook. Per the data, a total of 30.42 million addresses are in the money, a figure that accounts for 67.22% of all the addresses hosted on the network. This outpaces the 29% of addresses that are in losses and the 3.44% that are currently in the money.
The fact that Bitcoin is largely a profitable digital currency accounts for one of the key reasons why it remains a delight of institutional investors. With many instinctive actions coming to light in the Bitcoin network including the recent age-long wallet from the Satoshi era coming to life, more actions may be recorded in the near term.
Is Bitcoin (BTC) Bottom In?
Bitcoin entered into April with a bullish momentum which pushed it to rise to more than $31,005 since the start of the month. While many expected the price to keep growing and signify the start of a new rally, the ongoing bearish slump indicates the crypto winter is far from over.
Despite this current outlook, many Bitcoin (BTC) proponents believe the digital currency has formed a very crucial support around the $25,000 level. There are high projection that Bitcoin price will retest it’s All-Time High (ATH) above $68,000 should the broader positive be sustained.
With the forthcoming Bitcoin Halving set to take place exactly in a year’s time, many believe investors will wade into the digital currency with the expectations that the price of the asset will stay on a path of growth in the near term.
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