Bitcoin (BTC), the world’s largest digital currency by market cap, is having a relatively bad weekend after losing its key support level at $28,000. At the time of writing, the crypto trade at a spot price of $27,652.14, down slightly by 0.11% over the past 24 hours.
While the digital currency appears to have a bearish outlook, a key network metric has shown that Bitcoin has the right technical support to foster more resilience and long-suffering among its HODLers.
After According to data from IntoTheBlock, there are currently more holders making profits despite the current outlook. According to the data, there are a total of 30.42 million addresses in the money, a number that accounts for 67.22% of all addresses hosted on the network. This beats the 29% of addresses that are losing and the 3.44% that are currently in the money.
The fact that bitcoin is, for the most part, a profitable digital currency is one of the main reasons it continues to be a delight for institutional investors. With many instinctive actions coming to light on the Bitcoin network, including the recent Satoshi-era ancient wallet brought to lifefurther actions can be recorded at short notice.
Is Bitcoin (BTC) at the bottom?
Bitcoin started April with bullish momentum that has pushed it above $31,005 month-to-date. While many expected the price to continue higher and signal the start of a new rally, the sustained bearish slump indicates that the crypto winter is far from over.
Despite this current outlook, many Bitcoin (BTC) proponents believe that the digital currency has formed a very important support around the $25,000 level. There are high predictions that bitcoin price will retest its all-time high (ATH) above $68,000 if the broader positives hold.
With the upcoming Bitcoin halving set to take place exactly one year from now, many believe that investors will jump into the digital currency with the expectation that the asset’s price will remain on a growth path in the near future.
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