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Beware of Bitcoin's $6 Billion Cap: It Could Suppress the Price
Bitcoin (BTC), which has risen above $50,000 again after years, may encounter resistance just above $50,000.
Data from Into The Block shows that around 375,000 wallets bought a total of about 119,480 Bitcoins at an average of $50,227 per unit.
Bitcoin rose above $50,000 this week for the first time since 2021, and these addresses have been at a loss for a long time.
In a statement made by blockchain analytics platform Lookonchain, it was stated that these addresses can sell to get out of the loss when the price of Bitcoin reaches their purchase price.
The sale of these Bitcoins, which are worth about $6 billion in total, may create a selling pressure on Bitcoin.
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