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Bitcoin's profitability has dipped below 100% for the first time in weeks, with a notable decrease in daily active addresses and whale transactions, signaling a potential market correction amid fluctuating prices.
Bitcoin's Profitability Dips Below 100% Amid Price Fluctuations and Reduced Active Addresses
The prolonged drop in the price of Bitcoin (BTC) over the last few days has reversed the increase in the premier coin's overall profitability. In comparison to a few weeks ago, CoinGape reported that the number of profitable addresses on the network has dropped below 100%.
Aside from the cryptocurrency's price, which has dropped to $67,237.24, down 1.21% in the last 24 hours and more than 3% in the last week, other key growth metrics have also declined. According to data from the crypto analytics platform IntoTheBlock, the coin's price drop has resulted in a 4.02% decrease in the Daily Active Address (DAA) to approximately 930,730.
The main highlight is the decrease in profitability. According to IntoTheBlock data, there are 50.1 million "In the Money" addresses on the network, accounting for 96.39% of the total. This represents a significant drop from the 100% recorded when the premier coin reached an All-Time High (ATH) of $73,000 over the previous week.
The number of "Out of the Money" addresses is 870,100, accounting for 1.67% of all addresses registered on the network. Addresses that are "at the money" or at the breakeven point account for 1.01 million, or 1.94% of the total network.
To return to the point where Bitcoin profitability is 100%, the price must retest the $68,992.54 to $72,500.92 range. According to IntoTheBlock data, as many as 877,770 BTC were stacked by over 870,000 addresses, indicating that this range is the ultimate resistance point.
Whale Activity Cools Amid Bitcoin Rally, Hinting at Market Correction and Potential Rebound
During the Bitcoin rally, whale buyers' actions were prominent. In addition to large daily accumulations by BlackRock and other spot Bitcoin ETF issuers, MicroStrategy has increased its accumulations in recent weeks.
However, data from IntoTheBlock shows that large transactions worth $100,000 or more have dropped by 46.98% at the time of writing. The volume has dropped to $41.32 billion as of March 16, down from $116.22 billion on March 13.
These sliding metrics indicate that market sentiment is low. However, analysis suggests that this bearish twist is a healthy correction that could usher in an epic rebound in the near future. With the spot Bitcoin ETF and halving sentiment on the horizon, Bitcoin's price may have found an anchor near $65,000.
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