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Bitcoin

Bitcoin In Profit See Major Multi-Month Uptick Amid BTC’s Strong Rally To New Highs

Godspower Owie
by Godspower Owie
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto flagship asset, Bitcoin currently struggles with upside momentum following a recent sharp rundown in the general market, and facing significant resistance at the $103,000 level. Despite the waning price performances, profitability has been increasing, with a considerable amount of the coins now in profit.

A Significant Rise In Bitcoin In Profit

Axel Adler Jr., a seasoned technical expert and verified author has reported an encouraging shift in Bitcoin’s market dynamics and sentiment. Even though the flagship asset recently faced a price pullback, there has been a massive rise in investors’ profitability.

Related Reading: Bitcoin’s Average Realized Profits Drops Drastically, Is The Market Euphoria Cooling Off?

In the X post, Axel Adler highlighted that the amount of Bitcoin held in profit has witnessed a sharp upsurge. On-chain data shows an increase of 5.9 million BTC, bringing the overall coins at profit to about 19.7 million. The spike in profitability has lasted several months, particularly since September, when BTC’s strong rally toward new highs kicked off. 

It is worth noting that the supply in profit dropped to 16.5 million BTC during the most recent price drop below $90,000. Simply put, about 3.2 million BTC went from profit to loss following a drop from $109,000 to $89,000. However, the figures appear to have risen again as BTC slightly recovers from the notable decline.

This increase showcases the crypto asset’s robust price movements in recent months. It also signals renewed investor confidence as a substantial amount of BTC’s supply is now above its acquisition cost. 

Bitcoin
BTC supply in profit surges | Source: Axel Adler Jr on X

In the past, such developments have decreased selling pressure, allowing BTC to attract upside momentum. Should this positive trend continue, it could fuel buying interest among investors, potentially paving the way for bullish runs in the short term.

As profitability surges, Alphractal, an advanced investment and on-chain data analytics platform has revealed that a huge portion of wallet addresses holding BTC are now showing green. Recent data shows that over 95.2% of BTC wallets are still in profit, whereas merely 2.707% are currently at a loss. Purchases made above the current price level are reflected in this tiny portion of BTC at a loss.

Alphractal analyzed the 7-day Active Supply of newly purchased BTC for a deeper view of the development. Historically, movement spikes during price peaks or periods of high volatility have been observed in this metric, suggesting rising investor and institutional interest in crucial areas.

BTC’s Upside Momentum Building?

Presently, BTC is demonstrating a notable resurgence in price as the crypto asset reclaims the pivotal $105,000 mark. Delving into the price action, market expert Daan Crypto Trades asserted that “Bitcoin is on track to close its highest monthly candle ever.” 

Related Reading: Bitcoin Bull Market Is Alive And Kicking, Study Confirms

Meanwhile, the high average exposure to altcoins, which largely underperformed is causing sentiment to act completely in the opposite direction. Though sentiment is moving in the opposite direction, Daan Crypto Trades still considers BTC the king of cryptocurrencies as it keeps making new highs, indicating that the bull cycle is still on.

Bitcoin
BTC trading at $104,897 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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