Sentora: About 95% of Bitcoin addresses are profitable, with resistance in the $116000 to $119000 range

According to Sentora (formerly known as IntoTheBlock) on chain data analysis, Bitcoin's volatility has remained at around 20% recently, showing a long-term downward trend, with no signs of compression in the short term, and the overall market is in a range oscillation state. At the same time, the correlation between Bitcoin and traditional financial markets is gradually increasing, especially with the S&P 500, indicating that Bitcoin's sensitivity to macroeconomic conditions may increase. In terms of on chain costs, approximately 95% of Bitcoin addresses are currently profitable, but this has decreased compared to the historical high of $121000 set in July. Data shows that many holders have purchased Bitcoin in the price range of $116000 to $119000 and are in a loss making state, which may become a significant resistance to future price increases.