The cryptocurrency industry has been experiencing a series of highs and lows. Bitcoin [BTC] was leading the market toward its all-time high of $73,750 until it encountered a slight correction. Following a daily drop of 3.71%, Bitcoin was trading at a low of $66,948 at press time. The king coin is currently over 9% below its peak. Despite this downfall, most BTC holders were reaping profits.
According to IntoTheBlock, nearly all BTC holders are currently in a profitable position. This suggests low on-chain resistance, which further results in a positive market sentiment. This became apparent a few hours ago when Bitcoin momentarily recovered the $70K mark before its latest drop. 93% of Bitcoin holders are profitable, compared to just 2% who are losing money and 5% who are neither profitable nor losing money.
Those at a loss are the ones who purchased BTC between the $69,528 and $72,500 range. But IntoTheBlock suggests that they were enduring barely any on-chain resistance over the asset’s present price level. Investors in profit are the ones who bought the king coin at a much lower price level.
Despite its setback, BTC has the ability to reclaim its all-time high. Bitcoin is required to push past its resistance levels to do so.
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Bitcoin in August
While the entire market is hoping to record a bullish month in August, Changelly seems to be highly optimistic. Data from the website revealed that BTC is slated to surge to a high of $83,289, recording a new all-time high. Meanwhile, the average trading price of BTC will remain around $77,025, which is much higher than the current peak of Bitcoin. This boost would further push BTC holders to a much larger profit margin.
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