Bitcoin rebounded strongly, but 5.1 million addresses are still struggling "underwater" Bitcoin rose 9.99% this week to $63,668, but there are still 5.1 million addresses with coins that have not recovered. Think about it, in early September, Bitcoin fell to a low of $52,546, and now it has climbed out, with a monthly increase of 6.99%.

However, compared with the high of $70,016 on July 29, Bitcoin is still far behind. The price fluctuates so much that analysts are worried. Analysts at IntoTheBlock are skeptical about the rebound. They say that 5.1 million addresses are still underwater, which means that the Bitcoins in these addresses were bought at a high price and have not yet been earned back.

In other words, there are 5.1 million wallets with bitcoins that are losing money. These investors are hoping that the price will rise again, at least to the price they bought, so that they can make money or not lose money. They now have two choices: either sell at a loss to avoid losing more, or continue to hold on and wait for the price to rise.

If they decide to sell, the selling pressure in the market will be great, and the price may not rise. But if they continue to hold on and wait for the price to rise before selling, they can make a profit.

Although the data from IntoTheBlock is a bit disappointing, the market is still strong this week. The unrealized net loss of Bitcoin has dropped from 0.026 to 0.009, which shows that the market is slowly recovering and many people are about to get their Bitcoin back or have already started to make money.

This is a good sign, indicating that the market is climbing out of the pit of decline and prices are starting to rise. In addition, Bitcoin's net realized profit and loss (NRPL) has also increased significantly this week, from a low of $75.5 million to $860.2 million. This shows that many people in the market are making money, and everyone is confident that prices will continue to rise, and there are more buyers.

Let's talk about Bitcoin's NVM ratio, which has been declining in recent days. This shows that the network activity is getting higher and higher, but the market price has not caught up. So, the price still has the potential to rise.

In general, although there are still 5.1 million addresses with unpaid bitcoins, market sentiment has improved and everyone is optimistic. Therefore, if this market sentiment can be maintained, Bitcoin should be able to rise further and try the short-term resistance level of $64,727. #加密市场反弹