Sentora: About 95% of Bitcoin addresses are profitable, and the $116,000 to $119,000 range may become resistance

PANews reported on August 7 that according to on-chain data analysis by Sentora (formerly IntoTheBlock), Bitcoin's recent volatility has remained at around 20%, showing a long-term downward trend. There are no signs of compression in the short term, and the overall market is in a range-bound state.

At the same time, Bitcoin's correlation with traditional financial markets is gradually increasing, especially its correlation with the S&P 500, which suggests that Bitcoin's sensitivity to macroeconomic conditions may increase.

Regarding on-chain costs, approximately 95% of Bitcoin addresses are currently profitable, but this is down from the all-time high of $121,000 reached in July. Data shows that many holders who purchased Bitcoin between $116,000 and $119,000 are currently losing money, making this price range a significant barrier to future price increases.