Bitcoin above $90K – $5.42 billion in profits despite rising sell pressure means…
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Bitcoin realized $5.42 billion in profits With rising netflows, BTC faced short-term selling pressure near $90k Bitcoin (BTC) has seen a realization of $5.42 billion in profits, according to market analyst Ali, as the Sell-side Risk Ratio surged to 0.524%. This metric, which evaluates the risk-reward balance for sellers, remains below historical highs, with the same suggesting that selling pressure is not yet at extreme levels. Despite this, however, traders are advised to exercise caution as profit-taking intensifies. Source: Glassnode The realized profit figures surged ahead of realized losses, with profits spiking towards $8 billion while losses remained subdued at roughly $1 billion at press time. Such an imbalance is a sign of market optimism, as more investors capitalize on gains rather than selling at a loss. Bitcoin’s market remains resilient despite recent price drop Bitcoin was trading above $91,000 at press time, with a 24-hour trading volume of $84.43 billion. While the cryptocurrency did correct on the charts recently, BTC hiked by just under 4% in the last 24 hours. At the same time, data from IntoTheBlock revealed that 307,000 addresses accumulated Bitcoin around an average price of $89,200. This level could act as a crucial zone of support or resistance, depending on the market direction. Source: IntoTheBlock Bitcoin’s ability to sustain its price near this level is being closely watched as market participants assess the next move. Network activity reflects growing adoption The hike in Bitcoin’s price correlated with a hike in network activity. In fact, data showed an uptick in both new addresses and active addresses – A sign of heightened participation. New addresses have risen steadily too, reflecting fresh inflows of users into the ecosystem. Active addresses, representing daily transaction participants, also climbed to ~1.1 million, showcasing sustained network engagement. Source: IntoTheBlock Meanwhile, the number of…
Filed under: News - @ November 16, 2024 8:22 am