The Bitcoin (BTC) price has again started to fall in this recent days, however, as per the reports of Glassnode, the analytics of blockchain, the majority of the addresses which approximately amounts to 75% are still not losing money. In the report of Week-On Chain that was published this Monday, Glassnode evaluated the BTC wallets and their number which is still making money and found it to be in the range of 70% to 75% where the addresses are making unrealized profits.
Glassnode Report States That BTC Price Is Falling Gradually
This count is much more than the data in 2018 when BTC faced a bearish market condition. Glassnode also made clear that the current condition of the market is not bad as compared to 2018. However, they are warning people of a condition where the sell-side pressure will be much more than the present and it will force the price of bitcoin to go further down.
The report also mentioned that people who held on to bitcoin for more than 155 days did not face the wrath of loss. The data suggest that approximately 67.5% of the holders who kept bitcoin for a long time are earning unrealized profit. Moreover, only 7.88% of holders who have kept bitcoin for less than 155 days could make some profit.
The current price of bitcoin is $40,000 and is moving close to $39,000 which led the asset to move back into the bearish territory of the market. The way the price of bitcoin is falling, speculations are there that it will drop to $30,000, however, some other data show that the traders will try to push the price to $50,000.
As per Glassnode, the transaction volume of long periods is watched by the bear markers for any loss, and the reversal to incur profit can be a hint that there is a shift in the sentiment.