Bitcoin: Worrying signals across the board as BTC fails to hold on to $40k
Bitcoin tried its hand at $40,000 yesterday but was quickly stopped in its tracks. At press time, BTC underwent a fresh 2% correction as it traded at the $39.1 k mark. But BTC traders and investors are looking at the brighter side, i.e profits.
Despite the stated fall, BTC did witness some recovery as it inclined by 7% from its lows of $37.7k on 26 April to $40.3k on 28 April. This mild-price rise triggered a profit booking spree amongst its investors. In an April 29 tweet, analytical firm, Santiment noted:
“Bitcoin’s ratio of transactions taken in profit vs. loss is increasing after the subtle rebound these past couple days.”
Bitcoin recorded the highest ratio [0.43] of profit-taking in a month. Even Ethereum’s number [0.21] wasn’t that high at press time.
Source: Santiment
At the same time, Intotheblock’s insights showcased a similar scenario as well. 60% of BTC holders recorded gains whereas around 39% stayed stuck in losses.
In addition to this, BTC’s network activity stats showed a positive report card alongside the aforementioned data. BTC’s on-chain activity remained in the high-level territory, measured by the daily number of Bitcoins transferred as percentage of total bitcoins in existence.
<p lang=«en» dir=«ltr» xml:lang=«en»>Despite bitcoin price correction, network activity seems strong.#Bitcoin on-chain activity is in the high-level territory, measured by the daily number of bitcoins that are transferred as % of total bitcoins in existence.Live Chart
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