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More Than 700,000 Bitcoin Holders Are Losing Money in This Market

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Fri, 07/23/2021 - 09:47
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Arman Shirinyan
66% of the addresses that have recently bought Bitcoin are losing money, and they are most likely looking to break even
More Than 700,000 Bitcoin Holders Are Losing Money in This Market
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According to recent market and on-chain data provided by IntoTheBlock, 66 percent of the addresses that have purchased Bitcoin in the recent market movements are currently at a loss.

Traders and investors have bought more than 500,000 Bitcoins at the price of around $33,000. In addition to the current market situation, the indicator suggests that more than 3.5 million Bitcoin addresses are not enjoying profits at the moment.

In/Out Money
Source: app.intotheblock.com

The In/Out money around the price indicator is showing a number of addresses that are making and losing money on their position. By looking at the indicator, we can obtain a better idea of the buying/selling volumes at various values. Usually, when traders are losing money on the positions that they have recently opened, they are starting to look to break even rather than making profits. The entry point of their position becomes a strong resistance for the price because of the large amount of selling pressure.

Since there was a lot of buying power at the $33,000 level, that value might become strong resistance for the price to break through. By looking at the daily BTC/USD chart, we can easily see the correlation between on-chain data and the current market situation.

Bitcoin Intraday Chart
Source. Tradingview.com

By press time, Bitcoin has tested the $32,900 value but failed to pass through. Currently, Bitcoin is consolidating in the range of $33,000 to $30,000. The last major Bitcoin move has led to a stressful $29,000 drop.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.