Bitcoin addresses in loss hit 1-month high as BTC price retests $21K
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Loading... - Solomon Afful
- 23 Aug 2022
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Bitcoin (BTC) hodlers are feeling the squeeze this week as repeated tests of lower levels spark increasing losses.
Data from on-chain analytics firm Glassnode shows more wallets are in the red as of Aug. 23 than at any time in the past month.
Over 17.5 million wallets in the red
BTC/USD has seen five trips below $21,000 since the end of Aug. 19, data from Cointelegraph Markets Pro and TradingView shows, and the quest for support is already making plenty of traders nervous.
Meanwhile, those who bought in recent weeks are underwater to varying degrees, as Bitcoin is at its lowest since the last week of July.
The extent to which investors added or created positions on the way to this month’s $25,200 highs is now becoming clearer — more BTC addresses are at an overall loss than at any time since July 23.
The increase in underwater addresses has been particularly pronounced since last week’s sudden price drop. At the time of writing, the seven-day moving average (MA) of wallets in the red sits at more than 17.5 million — an increase of 1.5 million over several days. Read More...
