The leading cryptocurrency briefly hit $57,220 earlier in the day and has experienced a period of consolidation between $55,000 and $57,000 over the last 24 hours.

During this time, Bitcoin’s value increased by 1.7% and was trading at $56,900 at the time of writing. These price movements caused Bitcoin’s market value to exceed $1.1 trillion and daily trading volume to reach $47.4 billion.

According to data provided by ITB, 9.87 million Bitcoin addresses are currently in loss. The majority of these addresses, 6.88 million wallets, acquired Bitcoin at an average price of $66,441.

The majority of these addresses are experiencing losses due to Bitcoin’s recent price changes. On the other hand, 2.99 million addresses purchased Bitcoin at an average price of $59,978, and these addresses may be in loss or profit.

At this price point, 1.27 million addresses hold 907,070 BTC tokens and these addresses are either at a small loss or a small profit. It is stated that these addresses purchased Bitcoin at an average price of $55,776. While these movements in Bitcoin’s price provide profits for some investors, they can still mean losses for others.

On the other hand, Bitcoin’s strong performance resulted in 42.24 million addresses making significant gains in their Bitcoin holdings. According to ITB data, 37.84 million addresses have held Bitcoin for more than a year.

While these long-term investors may be less sensitive to Bitcoin’s price movements, the number of short-term investors was recorded at 2.66 million. Short-term investors may be more sensitive to price fluctuations and follow market movements more frequently.

At this point, lower selling pressure can be expected from addresses that are still making losses. This could mean low volatility or even a potential price increase in Bitcoin’s price. Reducing the selling pressure of loss-making investors may ensure that the price of Bitcoin remains more stable.

According to a Crypto.news report, CryptoQuant CEO Ki Young Ju expects the Bitcoin price to reach a new all-time high if it remains above the $45,000 level.

Ki Young Ju stated that in the last 30 days, BTC whales collected 404,448 Bitcoins and the total value of these coins is approximately $23 billion. This shows that whales are increasing their Bitcoin savings while the market is moving in uncertainties and fears.

This accumulation of whales could support the increase in Bitcoin’s market value and create a general mood of optimism in the cryptocurrency market. These movements on Bitcoin’s price can influence investors’ and analysts’ future price predictions and shape market dynamics.