The recent price swings of Bitcoin have not significantly impacted its profitability for most holders. Data shows that only 16.66% of Bitcoin's supply is currently at a loss, while 83.34% is making money. This suggests that despite a 20% drop in price, many investors are still holding at a profit, raising concerns about the cryptocurrency's long-term sustainability. However, historical patterns show that preserving market confidence depends on Bitcoin's profitability, and the current higher percentage of profitable supply indicates that Bitcoin is in a strong position. The price of Bitcoin is currently trading in a sideways channel, with the 200-day moving average acting as a crucial support level. The fact that the decline in price has not resulted in a significant increase in supply at a loss indicates that long-term holders have not panicked and sold their holdings. Concerns about a major correction or mass sell-off are currently unfounded, as the market is in a healthier state compared to previous downturns. Overall, the Bitcoin market seems stable, with more than 80% of the supply still profitable, mitigating the risk of immediate declines.



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