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Bitcoin Stands Bullish As 94% Of BTC Supply Is In Profit – Details

Bitcoin Stands Bullish As 94% Of BTC Supply Is In Profit – Details

Sebastian Villafuerte
by Sebastian Villafuerte
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has surged over the past weeks, reaching a local high of $69,400 before retracing to a healthy level of around $66,500. Despite this recent price action, some investors are apprehensive, fearing that BTC may return to sub-$60,000, as seen over the past seven months. 

However, key data from CryptoQuant provides a more optimistic perspective, revealing that 94% of Bitcoin’s supply is currently in profit. This indicates that most BTC holders would benefit from selling their coins at the current market price.

Related Reading: Critical Bitcoin Indicator Flips Bullish – On-Chain Data Confirms BTC Uptrend

This positive outlook signals strength and confidence among investors, suggesting that many expect a further rally shortly. As BTC consolidates around the $66,500 mark, the market is keenly watching for signs of bullish momentum. 

The significant percentage of profitable holders may contribute to price stability, as many investors are less likely to sell. The coming days will be crucial in determining whether Bitcoin can break through resistance levels and sustain its upward trajectory or if it will succumb to bearish sentiment and test lower price ranges.

Bitcoin Investors Bought At $55,300

After recent price action, Bitcoin is holding strong above the $66,000 mark, with investors patiently awaiting the next leg up. Top analyst and investor Axel Adler recently shared a CryptoQuant chart on X, revealing that an impressive 94% of the Bitcoin supply is profitable. Notably, most coins were purchased at the $55,000 level, indicating that most holders are experiencing favorable returns on their investments.

94% of Bitcoin supply is in profit
94% of Bitcoin supply is in profit | Source: Axel Adler on X

This data suggests that fewer investors are willing to sell BTC, which could lead to increased demand as potential buyers see an opportunity to enter the market at current prices. Given that many believe Bitcoin won’t revisit levels below $60,000, buying opportunities may become scarce. 

The fact that a significant number of coins were acquired at the $55,000 level offers a layer of support; even if Bitcoin’s price drops slightly from its current level, a substantial portion of holders would still be in profit.

Related Reading: Bitcoin Breakout Confirmed – Price Action Suggests Bullish Outlook

However, it’s important to note that past performance does not indicate future results. While the current sentiment appears optimistic, market conditions can change rapidly. Traders and investors should remain cautious and monitor key support and resistance levels as BTC navigates this critical phase. 

As the market continues to evolve, the focus will be on whether Bitcoin can gain the momentum needed to break through the $69,000 barrier and embark on a new upward trajectory.

BTC Strong Demand Holding The Price

Bitcoin (BTC) is trading at $67,000 and holding strong, with the $66,500 demand level acting as robust support. This stability has set the stage for BTC to target the $69,500 mark, potentially even revisiting the local high of $70,000 set on July 29. 

BTC holding above $66,000
BTC holding above $66,000 | Source: BTCUSDT chart on TradingView

Suppose Bitcoin manages to break above the $70,000 threshold. In that case, a massive surge will likely follow, fueled by the fear of missing out (FOMO) among investors eager to capitalize on the upward momentum.

However, caution is warranted. If BTC fails to maintain its position above the critical $66,000 support level, a retracement to the daily 200 moving average (MA) at $63,327 would be expected as the price seeks support. This scenario could create a more extended consolidation phase, leading to uncertainty in the market.

Related Reading: Bitcoin Shorts Surge On Binance – Bear Trap Or Downside Risk?

Overall, Bitcoin is at a pivotal point in its price action. The coming days will be crucial in determining whether BTC can break through key resistance levels or face a deeper pullback. Investors should remain vigilant, monitoring price movements closely as BTC navigates this critical phase.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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