Analytics Firm Warns of Critical Level If Bitcoin Price Rises Above $50,000

Bitcoin price is currently at the $ 50,000 limit and is being traded at $ 49,654 at the time of writing this article.

However, Look on Chain, an effective cryptocurrency analysis platform, has issued an important warning that may be valid if the BTC price exceeds $ 50,000.

According to the alert published by the analytics platform, data provided by Into The Block reported that as many as 375,000 cryptocurrency addresses purchased 119,480 BTC, worth approximately $6 billion, at $50,227.

According to analysts, the owners of these previously purchased BTCs are currently losing money and may cause a sales pressure on BTC when this level is reached.

However, if we talk about the general Bitcoin market, at current prices, 81.55% of BTC holders are making a profit, 18.18% are making a loss, and 0.27% are neither profit nor loss. The total number of wallets in profit is 7.18 million, while the number of wallets in loss is around 1.6 million.

Time will tell whether the BTC price will exceed $ 50,000 in the coming minutes.

*This is not investment advice.