Now everyone is hoping that Bitcoin can break through the $70,000 mark. Just look at the pile of unrealized profits, which are all because everyone is holding on to Bitcoin and refuses to sell it, waiting for it to rise.
CryptoQuant analysts recently calculated that Bitcoin now has more than $7 billion in unrealized profits on hand. If everyone starts selling coins to cash out, the price will have to fall.
Just like at the end of July, the price fell immediately. Fortunately, there is still enough optimism in the market, and the price of Bitcoin is still stable.
Now the price of Bitcoin has soared to $68,350, just a little away from $70,000, just 2.4%! Moreover, it is now close to the resistance level of $69,400 to $71,500!
The most recent peak in foreign exchange inflows and outflows was between October 13 and 16. However, since then, trading volume has been declining, and it is now the lowest point of the year.
In the past two days, 3,760 bitcoins have been transferred out of the exchange, but at the same time, 3,940 bitcoins have flowed in. This means that the inflow into the exchange is still slightly more than the outflow.
Since mid-October, the number of addresses that actively send bitcoins has been falling. On the contrary, the number of addresses that receive bitcoins has been rising all the way. From 379,545 addresses on October 13 to 625,308 on October 18. This data clearly tells everyone that there are more people buying bitcoins than selling them, and the number of receiving addresses is increasing while the number of sending addresses is decreasing.
The change in address activity shows a problem, that is, although the price of bitcoin has risen a lot recently, the pressure on everyone to sell bitcoins is gradually decreasing.
Although this looks like a signal that Bitcoin will continue to rise, we must also be careful
, there may be a wave of selling pressure someday, catching us off guard!
