94% of Bitcoin holders are in profit; will they sell?

The number of profitable Bitcoin addresses increased significantly after the price rose above the $65,000 region.

According to data provided by IntoTheBlock, more than 50.67 million Bitcoin (BTC) addresses have accumulated assets below $65,500, accounting for 94% of total BTC holders.

The remaining 6 percent (about 3.37 million addresses) purchased Bitcoin at an average price of $68,139, with a total volume of 1.58 million BTC, according to data from ITB.

According to ITB data, more than 80,000 daily active addresses are profiting from this calculation, and approximately 247,000 addresses are close to their initial investment. Currently, only 3,440 of the active addresses are making losses.

DAA in the snow – 15 October | Source: IntoTheBlock

A very similar movement was noticed in late September when Bitcoin fell from $65,800 on September 28 to $60,000 on October 3 as investors and traders targeted short-term profits. The current chart points to a local top as the market moves without long-term catalysts.

One of the most important factors behind the BTC price increase is the sudden increase in short liquidations. According to Crypto.news report, over $145 million in crypto assets were liquidated in the last 24 hours, with Bitcoin leading the deal with liquidations of $63 million.

Moreover, $555.9 million inflows into spot BTC exchange-traded funds in the US also triggered bullish sentiment among investors and traders.

Despite the recent correction, BTC price is still up 1.8% in the last 24 hours and is trading at $65,750 at the time of writing. The asset’s market value is $1.3 trillion and its daily trading volume is $39.5 billion.

BTC price and RSI – October 15 | Source: crypto.news

Data shows Bitcoin’s Relative Strength Index hovering around 64, indicating the asset is slightly overbought at this point. If the RSI approaches the 50 level, further price gains can be expected for Bitcoin.