Bitcoin Supply in Profit Drops Amid Price Correction: 4.4 Million BTC Held at a Loss
Bitcoin’s price has fallen below $80,000, inciting fear among investors as over 4.4 million BTC are now held at a loss. This decline, marking an 18% drop since last Sunday, raises questions about the market’s stability and future direction. The upcoming trading sessions will be decisive in determining whether this is a mere correction or the end of a bull phase.
Bitcoin has experienced a significant decline, dropping below the $80,000 mark and establishing new lows that have raised alarm in the cryptocurrency market. This recent dip has resulted in an over 18% decrease in Bitcoin’s value since last Sunday, causing investor sentiment to be mired in extreme fear. The question now is whether this signals the end of a bull market or merely represents a major correction within an ongoing upward trend.
Insights from CryptoQuant reveal that an alarming 4.4 million Bitcoins have shifted into a loss, indicating that these coins are now valued below their purchase prices. This primarily impacts investors who entered the market around the $95,000 range. Traditionally, periods of loss such as this can either trigger panic selling or lead to strong market recoveries, dependent upon the market’s reaction in the forthcoming days.
As Bitcoin continues to linger near fresh lows, market participants are closely monitoring the behavior of bulls to see if they can reclaim critical support levels or if further declines are imminent. The prevailing extreme fear among investors suggests that the next few trading sessions may prove crucial in determining whether Bitcoin is poised for a prolonged correction or setting the stage for a potential rebound.
In summary, Bitcoin’s recent plunge below $80,000 has triggered extensive apprehension among investors, with an overwhelming number of coins now held at a loss. The market’s reaction in the coming days will be vital in assessing whether this downturn leads to capitulation or recovery. Stakeholders must remain vigilant as key trading sessions unfold, which may indicate the future trajectory of Bitcoin.
Original Source: bitcoinist.com
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